Tisa Bank has launched a Chinese Yuan Account, a move that has been welcomed and supported by the National Government.

Minister for Foreign Affairs Justin Tkatchenko has supported the move by TISA Bank to launch the Chinese Yuan Account, applauding it as it further strengthens the relations between Papua New Guinea (PNG) and The People’s Republic of China.

The minister in a statement on behalf of the government said it is welcoming news for PNG as this was in line with some of the diplomatic efforts that the department of Foreign Affairs had been undertaking.

“Department Secretary Mr. Elias Wohengu and I are both happy to see some of our diplomatic efforts taking footing and happening in PNG,” said the minister.

This launching of the account this week makes TISA Bank the first locally owned bank in PNG to offer direct settlement for the currency, making business transactions easier for its customers.

Minister Tkatchenko says China is the biggest economic and trade partner and this initiative paves the way to further the relationship with PNG.

Meanwhile, the Chinese business community in PNG is also pleased with this service as it will make it more accessible, cheaper and easier for them in terms of procurement and investments.