Dominican Republic State-bank pact could signal embrace of China
Santo Domingo.- The head of the State-owned bank on Tuesday signed several financial cooperation agreements with public and private banks of China, which could signal Dominican Republic?s first official move away from its decades-long recognition of Taiwan.
Banreservas administrator Enrique Ram?rez Paniagua said the pacts are the result of the efforts by a delegation of Dominican bankers, lawmakers and business leaders who visited China.
He said the agreements will allow Banreservas to be a liaison between companies from both countries, especially exporters and importers.
The official said the pacts will lead to more effective businesses relations and bilateral trade, since it will facilitate payments and bank transactions with Chinese companies, in pesos and yuans.
Ramirez said the payment and transaction system will give Dominican entrepreneurs access to more competitive prices, as part of Beijing?s foreign policy of promoting the use of its currency at the global level. "There?s a wide interest in China for Dominican products, especially cigarettes, tobacco, coffee, ginger, rum, cocoa, among other items."
Interviewed by the official news agency Xinhua, the head of Banreservas stressed China?s interest in boosting trade with Latin America, "so we must seize on Dominican Republic?s strategic position in the area."
Chinese banks
He added as the result of the Dominican delegation?s efforts, China?s most common forms of payment will be accepted in the Dominican Republic soon, ?creating thusly the financial platform for the tourism potential which we expect to receive in the future.?
http://www.dominicantoday.com/dr/ec...State-bank-pact-could-signal-embrace-of-China
Santo Domingo.- The head of the State-owned bank on Tuesday signed several financial cooperation agreements with public and private banks of China, which could signal Dominican Republic?s first official move away from its decades-long recognition of Taiwan.
Banreservas administrator Enrique Ram?rez Paniagua said the pacts are the result of the efforts by a delegation of Dominican bankers, lawmakers and business leaders who visited China.
He said the agreements will allow Banreservas to be a liaison between companies from both countries, especially exporters and importers.
The official said the pacts will lead to more effective businesses relations and bilateral trade, since it will facilitate payments and bank transactions with Chinese companies, in pesos and yuans.
Ramirez said the payment and transaction system will give Dominican entrepreneurs access to more competitive prices, as part of Beijing?s foreign policy of promoting the use of its currency at the global level. "There?s a wide interest in China for Dominican products, especially cigarettes, tobacco, coffee, ginger, rum, cocoa, among other items."
Interviewed by the official news agency Xinhua, the head of Banreservas stressed China?s interest in boosting trade with Latin America, "so we must seize on Dominican Republic?s strategic position in the area."
Chinese banks
He added as the result of the Dominican delegation?s efforts, China?s most common forms of payment will be accepted in the Dominican Republic soon, ?creating thusly the financial platform for the tourism potential which we expect to receive in the future.?
http://www.dominicantoday.com/dr/ec...State-bank-pact-could-signal-embrace-of-China