BEIJING, April 25 (Xinhua) -- Bank of China (BOC), a leading Chinese financial group, has become one of the leading channels in renminbi cross-border circulation, China Daily reported Thursday.
Of all the RMB cross-border deals that took place on Chinese mainland, one quarter were settled through BOC, according to the paper.
It has also improved its RMB clearing service network around the globe. Its branches in 12 countries and regions have been authorized as RMB clearing banks by the People's Bank of China, the central bank.
With China further opening its financial market, the cross-border use of RMB has become more frequent in recent years. A growing number of overseas financial institutions are making their way into the Chinese market and the issuance of "panda bonds" is enjoying popularity, the paper reported.
BOC, with increased globalization as its advantage, has helped a number of countries including the Philippines and Hungary issue the panda bonds.
At the same time, BOC has worked to create different channels to help a variety of overseas institutes invest in China.
With the advantage of being a professional financial institute, BOC has published two indexes -- the Cross-border RMB Index and the Offshore RMB Index -- to help different market players observe the Chinese market, according to the report.
It provides industrial players with a window to learn more about the progress in RMB internationalization, the company's executives were quoted as saying.
