Bank of China, Sumitomo to cooperate in yuan business

BoC and SMBC will cooperate on yuan-related business to accomodate increasing trade between China and Japan.

According to the memorandum of cooperation between Bank of China and Sumitomo Mitsui Banking Corporation, the agreement covers cross-border yuan trade settlement and fund-raising in yuan and other yuan-related business and research.

The move will not only deepen cooperation between the two banks but also promote the further development of bilateral trade between the two countries, according to the Bank of China.

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