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The People’s Bank of China authorized the Bank of China Manila branch for yuan clearing, making the Philippines the latest market to join the path towards the internationalization of the renminbi.
BOC’s Manila branch has established the yuan clearance system and already helped the local government issue and bonds in China’s interbank market with a total value of nearly $4 billion.
The Philippines joins other yuan clearing centers including Hong Kong, Macau, Taiwan, U.S., Japan, South Africa and more.
The yuan is currently the eighth most traded currency with a turnover of $284 billion in April, according to a Bank of International Settlement report, and ranks top amongst emerging market currencies.
