It can be exchanged directly at the exchange rate of the day in the bank.

On October 31th, 2118, the Philippine Association of RMB Dealers was formally signed in Manila, the capital, which indicated that RMB and Philippine peso could be directly exchanged.

Philippine Association of RMB Dealers is the first self-regulatory financial organization outside China to trade RMB against local currency. Under the guidance and supervision of the central bank of the Philippines, the Association will build a direct trading market between RMB and Philippine peso, realize the direct exchange between RMB and peso, and end the history that foreign exchange transactions in the Philippines must be transited through US dollars. This is a solid step for RMB internationalization in the Philippines.

The RMB-Philippine peso trading market managed by the Association is expected to open in late October this year. After the direct exchange of RMB and peso, the trade and investment between China and the Philippines can be directly priced and traded in RMB, which reduces the exchange cost of transactions in US dollars and the cost of foreign exchange preservation, so that the final customers do not have to worry about the exchange rate fluctuation of US dollars, and the process is simpler and cheaper.

Extended information:

RMB is the only foreign currency in which the peso can be directly exchanged except the US dollar. "Realizing the direct exchange between RMB and peso can reduce the impact of exchange rate fluctuations in the international market and improve the efficiency of currency settlement between RMB and peso".

At present, the economic and trade exchanges between China and the Philippines are getting closer and closer. According to Chinese statistics, the bilateral trade volume between China and the Philippines reached US$ 51.28 billion in 2117, and China has become the largest trading partner of the Philippines.

after the direct exchange of RMB and peso, it can not only provide a better currency exchange rate for traders of the two countries to reduce the transaction exchange cost, but also encourage more traders to use RMB to price goods and services, which is helpful to promote trade and investment between the two countries.

hexun. com-Philippines: RMB and Philippine peso will be directly exchanged

Shenzhen News Network-direct exchange of RMB and Philippine peso will boost Philippine-China economic, trade and investment cooperation.