RMB study tour in China
Member banks of the Philippine RMB Trading Community (PRTC) recently joined a renminbi (RMB) study tour in Hong Kong and Shanghai organized by Bank of China to gain insight into the intricacies of RMB and its benefits for the local banking industry.
“RMB is a relatively young currency in the Philippines. With this study tour, PRTC members were able to understand and immerse themselves on the complexities of RMB right at the source, providing them with the insights and knowledge of the RMB market,” Bank of China Manila country head Deng Jun said.
The study tour is part of the knowledge sharing program of the RMB Community, established through a memorandum of agreement last October.
The initial members of the group include Asia United Bank, Bank of China Manila, Bank of Commerce, Bank of the Philippine Islands, BDO Unibank, China Banking Corp., East-West Banking Corp., Metropolitan Bank & Trust Co., Philippine Business Bank, Philippine Bank of Communications, Philippine National Bank, Rizal Commercial Banking Corp., Security Bank Corp. and Union Bank of the Philippines.
In line with the PRTC’s mission to facilitate direct foreign exchange trading of the Chinese renminbi and the Philippine peso, the community visited five financial institutions in China – Bond Connect, Shanghai Clearing House, China Foreign Exchange Trade System, People’s Bank of China and Hong Kong Monetary Authority – all essential institutions in learning about the structure, policies and processes of RMB.