Study On Improvements Of RMB Payment Busuinees

As trade links between China and the Philippines continually get closer, the RMB transfer business will become a core potential foreign exchange business of multinational banks in the Philippines. The implementation of a reliable and efficiently operated RMB transfer sytem will be the key in maintaining a competitive edge over the competition.The implementation of the RMB payment business operating system in BOC Manila Branch greatly facilitated the development of its foreign exchange business. Aside from the improvements in its daily operation, a faster and more efficient business work flow greatly eased the pressure on its manpower, while strengthening the communication among the various departments to work together more closely. RMB payment business will become BOC’s strategic focus in the development of its business in Manila.However, obstacles were encountered in the process of implementation such as the following: slow settlement speed, lack in bank regulatory functions, and difficulty in mail information processing. The author worked on the RMB transfer system for streamlining, RMB transfer system in domestic development, analysis on control, and risk management advice. Through this research, Manila Branch eventually improved its RMB clearing business model, resource allocation and marketing solutions, which is the practice of theory on one hand and practical application on the other hand.