China names RMB clearing banks for Kazakhstan, Laos

BEIJING, Sept. 30 (Xinhua) -- China's central bank announced Friday that it designated two banks as the renminbi (RMB) clearing banks for Kazakhstan and Laos, respectively.

According to an announcement from the People's Bank of China (PBOC), the two banks are the Industrial and Commercial Bank of China (Almaty) Joint Stock Company and the Industrial and Commercial Bank of China Limited Vientiane Branch.

The PBOC said it had recently signed a memorandum of cooperation for establishing RMB clearing arrangements with Kazakhstan and Laos, respectively.