SMBC, Bank of China form partnership in yuan transactions


TOKYO (Kyodo) -- Sumitomo Mitsui Banking Corp. said Thursday it will form a partnership with Bank of China, a commercial bank, to help the Japanese bank's clients gain access to funds in yuan.

SMBC will also cooperate with the Chinese major lender, known for its foreign exchange and international services, in settlement of transactions using the Chinese currency, it said.

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