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Bank of China Plans to Acquire Banks from the Association of Southeast Asian Nations

On October 20, a China News Agency reporter interviewed Qiu Yi, Vice Chairman of the Bank of China (BOC), while they were at the Association of Southeast Asian Nations (ASEAN) second China-ASEAN Summit Forum on Financial Cooperation & Development. Qiu said that business at the BOC’s branches in ASEAN is booming, and that BOC is planning to acquire banks in ASEAN in order to enhance BOC’s overseas expansion. Qiu also said that, as the strategy of having the Chinese renminbi go overseas is being implemented, BOC is experimenting with renminbi services in non-trade areas, including providing cash in renminbi, providing financial renminbi products, and becoming a major dealer in the renminbi overseas.

Source: China News Agency, October 21, 2010