Vanuatu's PM requests Bank of China to open a branch in Port Vila for better financial access and yuan clearing.

Vanuatu's Prime Minister, Charlot Salwai, has requested the Bank of China to open a branch in Port Vila, aiming to improve financial access amidst US and Australia's efforts to enhance access in the Pacific Island region. The branch could function as a yuan clearing bank, helping reduce the cost of importing Chinese goods, currently paid for in US dollars. Global banks have been exiting the area due to its low profit potential.