More NewsBank of America is First Foreign Bank to Provide Renminbi Draft Agency Service in China

Bank of America is First Foreign Bank to Provide Renminbi Draft Agency Service in China

In cooperation and agreement with the Industrial and Commercial Bank of China (ICBC), People’s Republic of China largest bank, Bank of America will become the first foreign bank able to act as an agent for bank drafts issued in the Chinese Renminbi currency. Such drafts are to be made available at Bank of America’s Shanghai branch according to Bank of America’s plan. Prior to the agency agreement entered into between ICBC and Bank of America, foreign banks were not permitted to issue Renminbi drafts for payment outside their licensed business area.

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