Banks sign deal on currency platformhome/Business/Top Business/Banks sign deal on currency platformFOURTEEN local banks on Tuesday signed a memorandum of understanding with Bank of China Manila on a spot market for the Philippine peso and Chinese renminbi that is expected to be launched next month. The lenders are Asia United Bank, BDO Unibank, Bank of the Philippine Islands, China Banking Corp., East West Banking Corp., Metropolitan Bank & Trust Co., Philippine Bank of Communications, Philippine National Bank, Philippine Business Bank, Rizal Commercial Banking Corp., Sterling Bank of Asia, Security Bank Corp., UnionBank of the Philippines, and Bank of Commerce. “Initial participating bank members can streamline their currency conversion costs via a fair, transparent, and resilient domestic FX (foreign exchange) trading platform,” the central bank official said. The Department of Finance said the Philippines was expected to “win a larger share” of China’s overseas investments—an estimated total of $120 billion—with the signing on the spot market. “The banks participating in this MoU will set in motion the process of setting up a self-regulating organization that will oversee a transparent currency trading platform,” he added.

Source: Manila Times October 30, 2018 16:18 UTC