A meeting was held in Colombo yesterday (29) to highlight the importance of utilizing the Renminbi (RMB) settlement facility to enhance trade between China and Sri Lanka. Sri Lanka Latest News
The event was attended by Chinese Ambassador to Sri Lanka Xi Zhenghong, Central Bank Governor Dr. Nandalal Weerasinghe, and Minister Anil Jayantha, along with several other distinguished guests.
The 2025 RMB Internationalization Forum, organized by the China Business Council in Sri Lanka and supported by the Colombo Branch of the Bank of China, took place in Colombo recently.
The chief guests at this forum were Chinese Ambassador Xi Zhenghong, Central Bank Governor Dr. Nandalal Weerasinghe, and Minister Anil Jayantha.
During the event, speakers emphasized the importance of adopting China’s RMB facility for bilateral trade transactions between the two nations.
Addressing the forum, Central Bank Governor Dr. Nandalal Weerasinghe stated:
“I remember we signed a currency swap agreement with China about ten years ago. I signed it on behalf of the Central Bank. After that, we organized another event to promote the RMB facility in Sri Lanka. If we had the RMB facility at that time, we could have utilized the currency facility that existed. We have come a long way. When the RMB facility was introduced in 2010, it ranked as the 35th international currency in the world. By 2024, it has reached the fourth position globally. During this time, the RMB has made remarkable progress. Strengthening the BRICS organization will further support the use of local currencies in foreign transactions. We have a strong economic relationship between the two countries. China is Sri Lanka’s main import partner and the second-largest trading partner. Bilateral trade between the two countries in 2024 amounted to USD 4.3 billion. On the other hand, the trade gap between the two nations was USD 1.1 billion in 2023. It has expanded from USD 2.8 billion to USD 4.1 billion in 2024, increasing in favor of China.”
