BEIJING (Reuters) – China’s central bank has authorised ICBC Brazil to be a renminbi clearing bank in Brazil, it said on Tuesday.
The establishment of such arrangements for the renminbi (RMB), or yuan, would be beneficial to cross-border transactions and further promote bilateral trade and investment facilitation, the People’s Bank of China said on Feb.7.
(This story has been corrected to fix the date to Feb.7 from Tuesday)
(Reporting by Ella Cao and Liz Lee; Editing by David Goodman)
