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Posted by / 26-Apr-2020 01:39

The Chinese yuan (Renminbi) is managed as a float with reference to a basket of undisclosed currencies by the Peoples Bank of China (PBOC). To promote cross-border trade flows, PBOC allows qualified transactions to be executed either at the interbank CNH rate or at the onshore CNY rate. In order to allow transactions to be processed to mainland China, the PBOC requires: Beneficiaries must provide all documents and uplift payment by value date, or the rate could default to the current market rate (no longer locked by remitter's trade). (State Administration of Foreign Exchange) approval. Bene must hold multicurrency account to recieve wire in CNY.

Please refer to Payment Requirements, Special Handling, and Payment Formatting Rules for further details. It is a best practice to ask the remitter to notify beneficiaries of incoming CNY payment so that documents can be presented in timely manner. Exchange control is administered by the Reserve Bank of Fiji (RBF), acting as an agent of the government.

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All payments in Bhutan must be made in local currency.

All capital transactions must be approved by the Bhutanese government and the Royal Monetary Authority (RMA). (State Administration of Foreign Exchange) approval. Beneficiary must hold multi-currency account to receive wire in RMB.

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