Asia United Bank (AUB) said it is benefiting from the increasing acceptance of the Chinese renminbi (RMB) in cross-border trade and international payments.
The publicly-listed universal bank received the “Highest RMB Trading Volume for the Year 2024” award from the Philippine RMB Trading Community, established in 2018 by 14 member banks.
This marks the third consecutive year that AUB has received the award from Bank of China (Hong Kong) Ltd. – Manila Branch, which is tasked with actively supporting the deepening development of RMB internationalization in the Philippines.
AUB also ranked first in terms of “highest incremental RMB-PHP trading volume in 2024 vs. 2023” and third in the “highest clearing volume” and “highest RMB deposits” categories.
“We recognize the growth of RMB trade as a key enabler in strengthening the economic ties between the Philippines and China, and we at AUB are proud to contribute to this important endeavor,” said AUB president Manuel Gomez.
The increased demand for RMB also “underscores the growing acceptance of the currency’s use in the settlement of trade flows between the Philippines and China,” said AUB head of treasury Antonio Agcaoili Jr.
While global tensions have risen over U.S. protectionist trade policies, such as the imposition of additional tariffs on imports, China has been steadily working to elevate the international profile of the RMB.
“The Chinese government’s push for the opening of financial markets and Bank of China’s role in the Philippines to facilitate it enhances the ease of foreign exchange conversion from Philippine peso to RMB. Bank of China also ensures a reliable payment infrastructure that benefits small businesses scattered all over the Chinese mainland through BOC’s extensive branch network,” saod Agcaoili.
Gomez said the award bestowed on AUB is “a testament, not just to the efforts of our Bank, but also to the enduring partnership we share with the Bank of China who continue to promote the growth and vibrancy of RMB transactions in the Philippines.”
AUB said it has a dedicated proprietary trading desk headed by a professional trader with more than four decades of experience. It also relies on a highly proactive and responsive IT team that developed most of its frontline platforms in-house, leading to the flexibility and scalability of its IT infrastructure.