BoC Expands in Cambodia

The Bank of China (BoC) will expand its business in Cambodia by opening new branches in Siem Reap and Sihanoukville. The new units are expected to be complete this year, according to Chen Chang Jiang, CEO of BoC Phnom Penh branch. Though the BoC already has two branches in Phnom Penh, the new units will attract more Chinese investment into the country. BoC and the Industrial and Commercial Bank of China are the only two approved yuan clearing banks in Cambodia. Though the Chinese government heavily supports the use of the yuan for international transactions, individuals are hesitant to purchase the currency due to confusion regarding Chinese policy, how and where the yuan can be used and what restrictions are now imposed by the Chinese government.

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