Senior officials of Sri Lanka's Central Bank and other Sri Lankan banks have held high level discussions with their Chinese counterparts on further strengthening business relationships between the banks in the two countries.
A delegation of senior bankers headed by Governor of the Central Bank Ajith Nivard Cabraal has held one-to-one high-level discussions with the representatives of the People's Bank of China, the Industrial and Commercial Bank of China, the China Development Bank and several foreign banks operating in the People's Republic of China during the period from 11-13 September.
The discussions mainly focused on strengthening the business relationships between banks in the two countries and enhancing the exposure of large Chinese banks, to investments and trade related activities in Sri Lanka, the Central Bank of Sri Lanka said in a release.
"In the background of growing volumes of investment and trade related financial flows between China and Sri Lanka in the recent past, and in the context of impending China/Sri Lanka Free Trade Agreement, the Central Bank of Sri Lanka considers the interaction between the domestic banking industry with their counterparts in China would lead to further financing of infrastructure projects, increased trading activities between the two countries and a higher level of tourism related activities," the statement said.
The Central Bank in June 2011 approved the Chinese Renminbi (Yuan) as a designated currency allowing for international transactions through banks in Sri Lanka in order to facilitate growing economic activities between the two countries.