OREANDA-NEWS. May 04, 2011. AB Bank SNORAS begins performing settlements with Chinese yuan and opens a correspondent account in Chinese yuan in the bank “Bank of Communications Co., Ltd.” registered in the People's Republic of China, reported the press-centre of Bank SNORAS.

“Taking into consideration the customers' needs, we offer a new service – settlements with Chinese yuan.  We do hope that the new settlement possibilities will ensure a more qualitative, faster and more versatile service provision for Bank SNORAS clients,” says Raimondas Baranauskas, Bank SNORAS President and the Chairman of the Board.

According to his statement, transactions in this currency gain ever growing importance, however, certain restrictions for settlements and currency conversion remain. Settlements in Chinese yuan will be performed only according to international trade transactions with the companies participating in the pilot programme of the People's Republic of China.

Presently Bank SNORAS has more than 50 correspondent banks from 27 countries worldwide. The bank processes transfers of 19 different currencies.

The bank “Bank of Communications Co., Ltd.” was established in 1908. At the moment the bank is the sixth largest bank in the People's Republic of China and 50th worldwide.  According to the data as of 30 June 2010, the bank's assets comprised LTL 1542.4 billion, while its capital – LTL 81.6 billion.  The bank's shares are listed in the stock exchanges of Hong Kong and Shanghai.