China, ASEAN strengthen bond to boost trade, financing

KUALA LUMPUR, Sept 20 -- The financial ties between China and ASEAN member countries have been strengthened to boost trade and financing cooperation.

This follows the 16th China-ASEAN Expo held in Nanning, Guangxi, China for four days, beginning today.

Bank of China, Agricultural Bank of China, China Construction Bank, ICBC, HSBC (China) and Singapore's DBS Bank have confirmed their participation in a financial service exhibition to display cross-border financing and settlement, fintech as well as ITFIN.

Ten banks from ASEAN countries have established 36 branches in China with banks from Singapore and Thailand having the most branches.

Three Thai banks have set up nine branches, of which the Bangkok Bank has established four branches in Beijing and Shanghai, engaging in wholesale and retail banking. Meanwhile, branches of Chinese financial institutions are also increasing in ASEAN.

In addition, China and ASEAN are also promoting the establishment of a bank's bilateral settlement network to facilitate cross-border RMB trade settlement.

China has introduced direct transactions in the inter-bank foreign exchange market, including RMB against Singapore Dollar, Malaysian Ringgit and Thai Baht, innovating the listing of RMB against Cambodian Riel.

China has also reached agreements with Singapore, Malaysia, Thailand and other countries on the establishment of RMB Qualified Foreign Institutional Investors.

-- BERNAMA