BEIJING (Reuters) – China’s central bank has authorised ICBC Brazil to be a renminbi clearing bank in Brazil, it said on Tuesday.
The establishment of such arrangements for the renminbi (RMB), or yuan, would be beneficial to cross-border transactions and further promote bilateral trade and investment facilitation, the People’s Bank of China said on Tuesday.
(Reporting by Ella Cao and Liz Lee; Editing by David Goodman)
