MetroBank N.A. has signed an official agreement with the Bank of China-Shanghai to conduct Renminbi (RMB) cross border settlement directly with China on trade related businesses.

The recent announcement by China’s central bank that it will allow a more flexible exchange rate for its currency may be the beginning of a pool of opportunities for U.S. banking institutions with a strong international trade platform, said George M. Lee, CEO of MetroCorp Bancshares, Inc., the holding company of MetroBank. The agreement between MetroBank N.A. and Bank of China-Shanghai is the first of its kind in the U.S., which allows MetroBank N.A. of Texas to conduct RMB trade settlement. MetroBank N.A. is the only Chinese ethnic bank in Texas with a stand alone, dedicated international department providing quality service for over twenty years.

MetroBank N.A. will be able to offer RMB services including letters of credit, stand-by letters of credit, remittance, collections and other RMB related services for its commercial customers.

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