Bank of China kicks off Japan RMB clearing business

Bank of China Ltd's Tokyo branch launched its renminbi clearing business on Wednesday in Tokyo, bringing the global financial center a step closer to become an offshore RMB trading hub.

"The establishment of the RMB clearing mechanism in Japan will provide new impetus for Tokyo to consolidate its position as an international financial center," said Chen Siqing, chairman of Bank of China, at the launch ceremony held at the Hotel New Otani Tokyo.

"It will also help Chinese and Japanese companies and financial institutions to use the RMB for cross-border transactions and facilitate trade and investment between the two countries," Chen added.