Sri Lanka Included Chinese Currency Renminbi in Banking Deals

The Sri Lankan Central Bank Monetary Board on 27 June 2011 announced that Chinese Renminbi would be included in the list of designated currencies permitted for international transactions through banks in Sri Lanka. People can now transact in Renminbi (for cross-border transactions) with banks authorized for such transactions. The other currencies in the designated list are Canadian dollar, Australian dollar, New Zealand dollar, US Dollar, Hong Kong Dollar, Singapore dollar, Danish kroner, Euro, Norwegian kroner, British pound sterling, Swiss franc, Swedish kroner and Japanese yen.

The Sri Lankan Monetary board reasoned that China was a leading player in international trade had economic connections with many countries. Recently, the Renminbi has evolved as a globally acceptable currency. Besides, Sri Lanka too has an increasing volume of trade and investment transactions with China.