Baltic International Bank Offers Yuan-Denominated Transfers

News - January 9, 2012

We offer our customers Yuan-denominated transfers to facilitate their settlements with foreign business partners as the Chinese Renminbi (RMB), also known as the Yuan (CNY), is gaining a more powerful role in international trade.

 CNY can only be used to settle cross-border trades (to pay for the contracted goods and services). Under the existing legal regime of the People’s Republic of China, only eligible companies (possessing permission from the People’s Bank of China) may settle trade transactions directly in CNY, i.e. receive CNY from foreign counterparties and make overseas remittances in CNY.

To view our Fee Schedule and terms and conditions for money transfers, please visit  Electronic Funds Transfers section on our web page. Alternatively, you may also contact your private banker.

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