OREANDA-NEWS. June 01, 2011. LOCKO Bank opened the correspondent account in Chinese yuan (Renminbi) at ICBC Moscow, a subsidiary of ICBC, the largest bank in the People’s Republic of China, reported the press-centre of LOCKO Bank.

The banks have also signed General Agreement for Money Market and Foreign Exchange cooperation.

This allows LOCKO Bank to offer to clients the option of making payments in Renminbi in favor of Chinese beneficiaries, and thus enhancing their cooperation with companies in China.

Traditionally LOCKO Bank is focusing on developing trade finance services and promoting foreign trade business of our clients, and as Renminbi is consistently becoming more important in international trade, the new payment option will help LOCKO Bank’s clients to optimize their transactional costs. New correspondent account will also allow LOCKO Bank to structure trade finance products in Renminbi.