Industrial and Commercial Bank of China designated RMB clearing bank in Türkiye

The People's Bank of China (PBOC) on Wednesday officially designated the Industrial and Commercial Bank of China (Turkey) Co. as the Renminbi clearing bank in Türkiye.

This move aligns with the "Memorandum of Cooperation' signed between the PBOC and the Central Bank of Türkiye."

The establishment of this clearing bank is set to streamline Renminbi transactions between the two countries, enhancing its use in local settlements, financing, and trade. By doing so, it aims to foster deeper bilateral trade and investment ties, strengthening economic cooperation between China and Türkiye.

Industrial and Commercial Bank of China designated RMB clearing bank in Türkiye

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 20 pips to 7.0108 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Chinese yuan strengthens to 7.0108 against USD Monday