Second-Tier Banks to Set Payment System for Yuan Currency

Second-Tier Banks to Set Payment System for Yuan Currency

TIRANA, September 27

As China’s Yuan gained a new status as a member of the International Monetary Fund’s Special Drawing Rights (SDR) basket, second-tier banks in Albania are considering all the opportunities for establishing the necessary infrastructure for payments in this currency. This would help Albanian businesses that do trade exchanges with China.
Currently, China is the third main trade partner of Albania following Italy and Germany, thus Albanian companies will use Chinese Yuan for their trade operations in this country.
Experts from the banking sector say that the inclusion of the Yuan in the SDR basket is expected to have an important impact on the global and Albanian financial system as well.
Moreover, experts say that Yuan joining SDR will have an impact on SDR cost for lending processes. The yuan will join the US dollar, Euro, Yen and British Pound in the IMF basket of currencies on October 1.

News Source: ATA


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