Sri Lanka designates Chinese yuan for banking transactions

16:32, June 30, 2011      

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Sri Lanka's Central Bank said in a release Thursday that the Monetary Board has decided to include the Chinese yuan or Renminbi in the list of designated currencies permitted for international transactions through banks in Sri Lanka.

Accordingly, the public can now undertake all permitted transactions in foreign currency in Renminbi with banks authorized for such transactions, said the release.

The other currencies in the designated list are Australian Dollar, Canadian Dollar, Danish Kroner, Euro, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Norwegian Kroner, Pound Sterling, Singapore Dollar, Swedish Kroner, Swiss Franc and United States Dollar.

The release said China is recognized Thursday as the world's second largest economy, while also being a leading player in international trade, investments, and foreign reserves, pointing out that China also enjoys extensive economic connections with many countries, as a result of which the Renminbi has been gradually evolving as a globally acceptable currency.

It said since Sri Lanka too has a growing volume of trade and investments transactions with China, the use of the Chinese currency Renminbi in banking transactions would significantly facilitate such trade and investments.

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