in 2011 About 1.500 Peruvian companies will be trading with China Starting this year

About 1,500 Peruvian companies engaged in foreign trade between exports and imports, with their counterparts from China which tends to increase due to the growth potential of the Asian country said today BBVA Banco Continental.

"There are about 1,500 Peruvian companies that export or import more than $ 10,000 a year to China, representing about 9.000 million annually," said the manager of Foreign Trade of BBVA Banco Continental, José Miguel Vásquez.
He said that these companies need to conduct business in RMB (China currency), given that the Chinese government issued in July 2010 a series of measures to encourage the use of the yuan in international trade transactions.
He said that China is already involved in international trade transactions in yuan mainly with Asian countries, and has already signed specific agreements to do so with other countries like Russia.
He said this led to BBVA Banco Continental to launch its service called Comex China, in order to allow Peruvian businessmen doing business in foreign trade with China and conduct transactions in yuan.
"The Peruvian customers can access accounts in RMB, and a range of associated services such as: media documentary trade payments, transfers, letters of guarantee of anticipated shipments, spot market transactions and foreign exchange forwards, detailed.
He said that this service will be initially distributed among the clients of BBVA Banco Continental, but also available for companies that have nothing to do with the bank.
"We've been canvassing for our customers, we have done surveys and there are several who are interested and the first thing that we have is our platform list," he said.
He noted that exporting firms are showing greater willingness to begin operations in yuan bill.
In this regard, the Innovation and Development Manager of BBVA Banco Continental, Ignacio Quintanilla, said that Peru is the first Latin American country in which their employers can open RMB current accounts to do business with China.

cesar@worldtradecenterperu.com