Bank of India (BoI) has started offering trade settlement facility between the rupee and the Chinese RMB (renminbi or yuan) from Hong Kong, Times of India reports. Through this move, Indian buyers are making payments in U.S. dollar, saving a lot of time as settlement in U.S. dollars usually takes three working days. BoI, which is offering direct settlement between the rupee and the Chinese currency, has opened an RMB facility with the Bank of China. The Chinese bank will provide real-time settlement with buyers and sellers across all provinces of China.
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