Chinese yuan admitted as settlement currency by Myanmar since January

[InKunming--Sister Cities] Myanmar has added Chinese yuan as permissible settlement currency for international payments and transfers since January 30, 2019, facilitating Yunnan and Myanmar’s enterprises to engage in trade, said by Yunnan Branch of China International Chamber of Commerce.

The National Bank of Myanmar approved such a policy in January, according to Yunnan Branch of China International Chamber of Commerce. With the policy, Yunnan’s financial strategic layout is promoted, and the construction of Kunming regional international financial center is also carried out. 

It is reported that Myanmar is Yunnan’s biggest trading partner, achieving 6.3 billion U.S. dollars’ trade volume with Yunnan in 2017. Until now, Yunnan’s investors have built over 110 enterprises in Myanmar, investing more than 1.7 billion U.S. dollars in the country.

Yunnan is the northern terminus of China-Myanmar Economic Corridor. Take Yunnan’s Ruili port as an example, there were 17.64 million inbound and outbound passengers through the port in 2018. About 4.16 million transportation vehicles passed through the port in 2018, too. The number of vehicles to the port increased by 7.6% from a year earlier, addressed by Yunnan Branch of China International Chamber of Commerce.

Previously, official settlement currencies admitted by Myanmarese government included U.S. dollar, euro and Singapore dollar. Now, the Chinese yuan has also been listed into the currency name list. 

Click here to view Chinese report.

(Editors: Cathy Chen, Christine)

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