BankMuscat has opened a Yuan account with Bank of China to facilitate trade related payments between Oman and China.
The account has been opened as part of the business co-operation agreement between BankMuscat and Bank of China.
BankMuscat said the Yuan account marks another important milestone under the agreement to tap into the huge trade and investment flows between China and Oman as well the larger GCC region.
BankMuscat CEO AbdulRazak Ali Issa said China has emerged as a major trading partner to most of the countries in the world and has been promoting the use of its currency for trade settlements.
"BankMuscat is proud to provide the Yuan payment facility to our esteemed customers which will help them trade with their Chinese counterparts on preferential terms. The arrangement will provide further fillip to the already robust trade flows between the two countries," Ali Issa said.
