Yuan will be use for internatio​anl transactio​ns- Central Bank

Yuan will be use for internatio​anl transactio​ns- Central Bank[ Wednesday, 29 June 2011, 03:04.11 PM GMT +05:30 ]The Monetary Board of Sri Lanka's Central Bank has decided to include the official currency of China as a designated currency allowed for international transactions through banks in Sri Lanka according to the terms of the provisions of the Banking Act.

The Board took this decision to include Chinese Renminbi (Yuan) at its meeting on Monday (27), Central Bank sources said.

All the Sri-lankans are now permitted to to their  transactions by using  Yuan wthin the local banks.

Announcing the Board's decision, the Central Bank said China is recognized today as the world's second largest economy and a leading player in international trade, investments, and foreign reserves.

The Renminbi, according to the Central Bank, has been gradually evolving as a globally acceptable currency due to China's extensive economic connections with many countries.

Since Sri Lanka has a growing volume of trade and investments transactions with China, the use of the Renminbi, in banking transactions would significantly facilitate such trade and investments, the Central Bank said today.

The other currencies in the designated list are Australian Dollar, Canadian Dollar, Danish Kroner, Euro, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Norwegian Kroner, Pound Sterling, Singapore Dollar, Swedish Kroner, Swiss Franc, and United States Dollar.

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