SANTIAGO – Chilean banking regulator SBIF has authorized Bank of China Limited, one of China’s largest banks, to operate in the South American country.
The move will boost use of China’s yuan currency in Latin America
Bank of China, which operates in 51 countries, has become the second Chinese-owned bank with a presence in Chile, after China Construction Bank was approved to operate in May 2016.
Earlier this year, Beijing invited Latin American and Caribbean countries to join its “One Belt, One Road” infrastructure initiative, opening the door to billions of dollars in infrastructure investment and testing U.S. dominance in the region.
China accounts for over 20 percent of Chile’s exports, mostly of copper but also lithium, wood pulp, wine, salmon and other products.