Sri Lanka, Oct. 19 -- Sri Lanka has officially inaugurated its first Chinese Yuan (RMB) Clearing Bank in Colombo, marking a significant step towards strengthening financial cooperation and bilateral economic ties between Sri Lanka and China.

The opening ceremony was held, with the participation of Minister of Labour and Deputy Minister of Finance and Planning Dr. Anil Jayantha.

Authorized by the People's Bank of China, the Colombo branch of the Bank of China has been designated as Sri Lanka's official RMB clearing bank. The facility establishes a direct link between Sri Lanka's domestic banking network and China's financial system, enabling cross-border transactions and interbank settlements in Chinese Yuan.

One of the key benefits of...