Bangladesh allows banks to maintain yuan accounts to settle cross-border transactions
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E-mail Xinhua, September 16, 2022
DHAKA, Sept. 15 (Xinhua) -- The central bank of Bangladesh has paved the way for banks in the country to maintain correspondent accounts in Yuan, the Chinese currency, to facilitate cross-border trade based on the Chinese currency.
The Bangladesh Bank (BB) issued a circular in this connection on Thursday, saying "it has been decided that ADs ( Authorized Dealers) maintain accounts in CNY (the Chinese currency) with their correspondents/branches abroad for settlement of cross border transactions executed in this currency."
The circular asked all the ADs to bring the contents of the circular to the notice of their relevant customers.
Earlier in 2018, the central bank of Bangladesh allowed authorized dealers to maintain a foreign currency clearing account with the BB in the Chinese Yuan. Enditem
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