Recently, Mongolia Cross-border RMB Business Center of Agricultural Bank of China Limited (ABC) was unveiled at the first China-Mongolia Expo. Mr. Yun Guangzhong, Vice Chairman of Inner Mongolia Autonomous Region Government, and Mr. Wang Wei, Vice President of ABC, jointly unveiled the Center.

It's learnt that the establishment of ABC Mongolia Cross-border RMB Business Center is intended to serve construction of the 'Belt and Road' and meet cross-border financial demand of Chinese and Mongolian border trade customers. It is also meant to satisfy the need of Mongolian bank peers for expanding capital clearing scope and improving cross-border clearing efficiency. After the Center is put into service, it will provide bank peers within the country with Mongolia cross-border RMB transfer remittance through two clearing channels, SWIFT system and border trade online banking. Outside the country, it can offer Mongolia cross-border RMB customers and bank peers various financial services such as cross-border RMB settlement, financing, border trade online banking, cash transport, wealth management at account bank, exchange settlement and sales and payment on commission.

At the unveiling ceremony, Mr. Wang Wei briefly reviewed the history of China-Mongolia financial cooperation. He pointed out that ABC had distinct edges in cross-border financial services and boasted the world-leading position in capital strength, customer resource, technical support and network layout.

As for supporting the bilateral financial cooperation in the future, he stressed that ABC would take Inner Mongolia as the pivot to improve its ability in serving connectivity infrastructure construction, building of strategic emerging industrial clusters, upgrade of traditional industries, cross-border economic and cultural exchange and cross-regional cooperation. It will also actively participate in building of the China-Mongolia-Russia Economic Corridor, one of the six major economic corridors. Meanwhile, it will facilitate cross-border cash transport and circulation, create a favorable environment for RMB to become a regional freely convertible currency and provide settlement and swap services for cross-border capital market. ABC will also cooperate with sub-regional financial peers in personal cross-border finance and share with domestic and foreign peers its achievements in Internet finance such as border trade online banking.

It's learnt that ABC already signed account bank agreements respectively with commercial banks of Russia and Mongolia back at the beginning of this century. After more than ten years of development, it has signed Renminbi, US Dollar, Ruble and Tugrik account agreements with 15 commercial banks in Russia and Mongolia. Various products such as cross-border guarantee, account bank financing, exchange settlement and sales with account bank and border trade online banking were launched one after another.

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