Bank of Tokyo ties up with Chinese banks

Bank of Tokyo ties up with Chinese banks

TOKYO: Japan's Bank of Tokyo-Mitsubishi Ltd. is tying up with China's four major commercial banks in remitting the yuan, a daily said Monday.

The formal signing will take place this month, making Tokyo- Mitsubishi the first Japanese bank to ally with all of the four banks, the Mainichi Shimbun newspaper said without naming sources

The four lenders are Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank.

The accord would enable Tokyo-Mitsubishi to remit money using some 40,000 of the Chinese banks' 120,000 branches across the country, the daily said.

Through the tie-up, the Japanese bank aims to enhance yuan operations mainly for Japanese corporations operating in China, the Mainichi said.

No immediate comment was available from Tokyo-Mitsubishi. --AFP