UOB’s FTZ outlet to eye yuan business
Print Edition
SINGAPORE’S United Overseas Bank opened a new sub-branch in the Shanghai pilot free trade zone at the weekend to target clients who do business between China and the rest of Asia.
“Growing trade and investments between China and other Asian countries encourage more companies to use the yuan in doing business and for settlement,” Eric Lian, president and chief executive officer of UOB China said.
“We expect this trend to continue after China releases further measures to liberalize the currency.”
Two-thirds of Chinese firms plan to expand overseas, especially to Southeast Asia, South Korea and Japan, the bank’s latest survey showed. Companies in Malaysia, Singapore and Thailand see China as the hottest spot for expansion this year.
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