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.
July 12, 2024
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