RMB clearing bank officially opens in Sri Lanka

The Bank of China Colombo Branch officially started serving as the RMB clearing bank in Sri Lanka on Thursday.

The move will enhance RMB clearing efficiency in the country.

More than 200 representatives from the Sri Lankan government, Chinese and Sri Lankan enterprises, and financial institutions attended the launch ceremony.

The Bank of China is the only Chinese financial institution operating in Sri Lanka.

The ongoing 140th Canton Fair in south China's Guangzhou City is showcasing innovative and cutting-edge products to meet global demand, highlighting China's advances in high-end manufacturing.

The 140th China Import and Export Fair, or Canton Fair, opened on Thursday with record shares of new and green products among its exhibits.

Rather than focusing solely on standard products, this edition's exhibitors are placing greater emphasis on customized offerings, drawing directly on buyer feedback to better match the needs of overseas markets.

"The Canton Fair serves as a window for our company to the global market. Being on site helps us understand the specific needs of different countries and regions. For instance, clients from the Middle East told us about the severe water shortages they face at home, which prompted us to adjust our products accordingly. Deals reached at the Canton Fair now account for roughly 30 percent of our total orders from the Middle East," said exhibitor Huang Jian.

The first phase of the fair, themed "Advanced Manufacturing," features over 12,000 exhibitors, showcasing electronics, household appliances and industrial automation. It also focuses on new energy, intelligent manufacturing and embodied intelligence, with 17 zones dedicated to emerging and future industries, including service robots, drones and display technologies.

"At the 140th Canton Fair, the Machinery and Electronics zone accounts for over 80 percent of all booths in the first phase. Intelligence, green, and integrated solutions have emerged as the new trend for Chinese machinery and electronics going global, with AI and green technology becoming new drivers of growth. For overseas buyers, attending the Canton Fair is no longer just about purchasing products. They come here to uncover emerging industry trends and seek long-term collaboration partnerships," said Shi Yonghong, vice president of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products.

The 140th Canton Fair runs in three phases in Guangzhou from Oct. 15 to Nov. 4.

Over the past 70 years, the Canton Fair has grown into China's largest and longest-running international trade event, with the most complete product range, the largest number of buyers and the highest transaction volume.