1 November 2025
Nearly 300 senior officials and business leaders gathered in Colombo on October 29 for the “Forum on RMB Internationalization,” co-hosted by the Bank of China Colombo Branch and the Ceylon Chamber of Commerce. The event, held at the Shangri-La Hotel, focused on promoting the international use of the Chinese yuan (RMB) and enhancing financial and trade cooperation between China and Sri Lanka.
Chinese Ambassador to Sri Lanka Qi Zhenhong, Economic and Commercial Counsellor Tang Yandi, Central Bank Governor Dr. Nandalal Weerasinghe, Minister of Labour and Deputy Minister of Finance Planning Dr. Anil Jayanta Fernando, Treasury Secretary Dr. H.S. Suriyapperuma, and Dr. Chen Weidong, President of the Bank of China Research Institute, were among the distinguished guests in attendance. Nearly 300 participants from the Sri Lankan government, commercial banks, local enterprises, and Chinese-funded companies joined the forum. Bank of China Colombo Branch General Manager Liu Ying delivered the opening remarks.
In his keynote speech, Ambassador Qi said that the internationalization of the RMB is a market-driven and enterprise-led process, progressing in a steady and risk-controlled manner. He noted that the currency’s role in cross-border trade settlement, reserve holdings, and investment has expanded significantly, especially in sectors such as energy, finance, and infrastructure. Qi emphasized that promoting RMB use in Sri Lanka is of great practical importance, as it could help diversify the country’s foreign exchange reserves, reduce exchange rate risks, lower transaction costs, and strengthen macroeconomic resilience — injecting new momentum into Sri Lanka’s ongoing economic recovery.
Central Bank Governor Dr. Weerasinghe highlighted that the RMB has become the world’s fourth most-used payment currency. With China being Sri Lanka’s largest import source and its second-largest trading partner, establishing a direct RMB settlement mechanism would help reduce transaction costs and mitigate exchange rate fluctuations, offering businesses more efficient and stable financial services.
Labour Minister and Deputy Finance Planning Minister Dr. Fernando noted that the Sri Lankan government is committed to building a transparent and investor-friendly environment while advancing digital transformation and administrative efficiency. He said the development of an RMB clearing and settlement platform will further facilitate bilateral trade and investment, supporting Sri Lanka’s economic transformation and sustainable growth.
Dr. Chen Weidong delivered a keynote address titled “RMB Cross-Border Use Injects Stability into China–Sri Lanka Economic Cooperation”, analyzing global monetary trends and the strategic advantages of using the RMB in cross-border transactions. He noted that greater use of the RMB could help Sri Lanka diversify its trade, broaden its foreign exchange sources, and enhance financial system resilience.
Representatives from regulatory authorities, commercial banks, and local enterprises also shared insights on the practical use and business models of RMB transactions in Sri Lanka. The discussions helped deepen mutual understanding of RMB business operations and are expected to promote bilateral investment and settlement in local currencies.
As Sri Lanka’s economy continues to recover and bilateral trade and investment with China grow steadily, the use of the RMB is gradually expanding. The Bank of China Colombo Branch — currently the only Chinese-funded bank in Sri Lanka — pledged to further enhance its financial service capabilities, broaden its client base, and strengthen its brand presence while providing high-quality RMB financial services to a wider range of market participants.