It promotes a level playing field, where participants multilaterally bind themselves to abide by their mutually-agreed upon FX market rules, as well as comply with the applicable laws and BSP regulations. Ultimately, this will uphold fairness and integrity in the local FX market. Why Establish a PHP-RMB Market?
The development of a local Renminbi (RMB) trading market in the Philippines is timely and deserves particular attention. ➢ China is the country’s top bilateral trading partner. Total trade is worth USD 14.1 billion or 16.6 percent of total trade as of end-June 2018.