PRC Expands Financial Footprint in the South Caucasus
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Executive Summary:
In March, four Georgian banks, including Cartu Bank, gained direct membership in the People’s Republic of China’s (PRC’s) Cross-Border Interbank Payment System, which facilitates renminbi (RMB) clearing and settlement under the supervision of the People’s Bank of China.
Across the South Caucasus, the PRC is broadening its economic influence, though Armenia remains less integrated. The PRC’s internationalization of the RMB aims to reduce international reliance on the U.S
In March, four Georgian banks, including Cartu Bank, gained direct membership in the People’s Republic of China’s (PRC’s) Cross-Border Interbank Payment System, which facilitates renminbi (RMB) clearing and settlement under the supervision of the People’s Bank of China.
Across the South Caucasus, the PRC is broadening its economic influence, though Armenia remains less integrated. The PRC’s internationalization of the RMB aims to reduce international reliance on the U.S
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