Yuan Centre Opened by Bank Of China

Yuan Centre Opened by Bank Of China

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Asia Bizz: On March 20, 2012, Bank of China unveiled trading headquarters in Shanghai, which will be responsible for the bank’s yuan asset trading business. The second headquarters have been authorized by the China Banking Regulatory Commission to conduct business in the proprietary trading of yuan-denominated bonds.

In a statement, the bank said  that money instruments and precious metals, as well as financial institutions-related business are among the other services authorized by the commission. The new office was launched after it was in the works for two years.

Shanghai has now set a goal of becoming a global clearing centre.

Following in the footsteps of Bank of China, reports state that four other state-owned banks, namely – Industrial & Commercial Bank of China Ltd, Agricultural Bank of China Ltd and China Construction Bank Corp – are expected to open up headquarters in Shanghai.