Bank of China has recently implemented restrictions on international transfers to banks located in several western countries, including the European Union, the United States, Switzerland, and Britain. The restrictions apply to Western banks that use Bank of China as their primary correspondent bank for yuan transfers.
This decision has caused many Western banks to face challenges when processing yuan transfers. In fact, Finam Bank in Russia has already stopped accepting orders for yuan transfers since June 13th.
Speculations lead to the idea that the restrictions are a response to the current economic and political tensions between China and Western countries. However, no official statement has been released to declare the exact reason behind the imposition of these restrictions.
It is essential to note that Bank of China is one of the most significant state-owned banks in China, playing a critical role in yuan transactions between the East and West. Its restrictions will have significant implications for Western businesses using Bank of China as their primary correspondent bank for yuan transfers.
Western banks and businesses may need to pursue alternative channels for yuan transfers since the restrictions on international transfers to Bank of China from the European Union, the United States, Switzerland, and Britain continue to be in place.
По материалам lenta.ru.