According to the Chinese news agency Xinhua said Ramirez, who began on Monday a visit to Beijing wi

SANTO DOMINGO (Dominican Republic) -. Administrator Reserve Bank, Enrique Ramirez, reported the completion of several agreements with China on trade and financial us bank cooperation by extending preferential trade and investment us bank policies, the establishment of direct correspondent banking and implementation of the Chinese currency in the bilateral payment.
This implies that the most popular means of payment accepted China in the country in the near future, which will mean that Chinese tourists could use the yuan locally as Dominicans banks Banreservas included, would be affiliated to the Chinese financial networks UnionPay as equal global brands Visa and MasterCard
According to the Chinese news agency Xinhua said Ramirez, who began on Monday a visit to Beijing with a delegation, the Dominican Republic offers entrepreneurs and Chinese investors significant advantages to develop commercial projects and to expand bilateral trade.
"We come to realize that part of trade between banks and offer ourselves as a state bank to support the Chinese private investors us bank who are interested in various sectors in Dominican Republic," Ramirez told Xinhua in an interview.
To finalize the agreements, he added, Banreservas provide financial support, according to the type of business-between 40 and 70 percent of the total capital required by Chinese investment projects, says the agency.
Have also been finalized interbank agreements to establish direct correspondent, cut the deadline for international transfers and avoid the complications that arise when performing them through a third bank.
"In particular, the Bank of China, one of the four major state-owned commercial banks, has signed an agreement with BanReservas us bank gets download instead of connecting us bank via a European or American correspondent, which is the most common case in today, "said the office of Xinhua, adding that other banks like Minsheng, have expressed interest in similar agreements
Facility to enter the U.S. market. In weighing the benefits of Chinese investment the country, Ramirez cited the ability to export finished products us bank to the U.S. market under the umbrella of the free trade agreement us bank known as DR-CAFTA.
While Rosa Ng Baez, director of Dominican Commercial Office in China, Xinhua said for financial stability and legal security of the country, coinciding with Ramirez, us bank who also highlighted the business and financial credibility of the country at the global level, in addition to political stability.
To encourage commercial cooperation China-Dominican Republic, this allows the stay for 60 days without visas to Chinese us bank citizens who are in possession of one of the USA, Canada, UK or Schengen territories, along with a tourist card that can be get into the country representative office in Beijing.
"President Medina has given me a specific statement, that is to give every facility us bank for any Chinese national who wants to come to Dominican Republic to do so, taking a minimum of requirements," said Ng Baez at the end of the interview with Xinhua.
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