The People’s Bank of China and the National Bank of Cambodia on Tuesday signed a memorandum of cooperation on establishing a yuan clearing arrangement in Cambodia, China’s central bank said, furthering economic cooperation between the two countries.
China has been trying to boost the yuan globally since 2009 to reduce reliance on the U.S. dollar in trade and investment settlements and challenge the greenback’s role as the world’s major reserve currency.
Over the past two years, Beijing has signed similar yuan clearing deals with Brazil, Kazakhstan, Laos, and Pakistan.
