China, Sri Lanka to set up renminbi clearing arrangements

The People's Bank of China has recently signed a memorandum of cooperation with the Central Bank of Sri Lanka to establish renminbi clearing arrangements in Sri Lanka, said a statement released by China's central bank on Wednesday.

The establishment of renminbi clearing arrangements will facilitate the use of the Chinese renminbi in cross-border transactions by enterprises and financial institutions from both countries, it said, adding the move will further promote bilateral trade and investment.