First RMB remittance channel to Myanmar opened in Yunnan

[InKunming--YunnanYunnan Branch of Bank of China successfully handled the first direct RMB exchange business to Myanmar, marking the opening of the first RMB remittance channel to Myanmar in Yunnan Province.

Until now, the bank has achieved full coverage of cross-border RMB direct exchange business in countries bordering Yunnan, representing another solid step towards promoting the internationalization of RMB in Yunnan Province. 

Myanmar is an important economic and trade cooperation partner of Yunnan. However, China's RMB remittance to Myanmar has been blocked for a long time. In January, 2019, Myanmar's central bank issued guidelines on foreign exchange management that allowed banks with foreign exchange licenses to use China’s yuan as the currency for international payments.

Under the background mentioned above, Yunnan Branch of Bank of China helped a Yunnan’s enterprise remit RMB to Myanmar with the support of Hong Kong Branch of Bank of China and Rangoon Branch of Bank of China lately.

Yunnan Branch of Bank of China has been ranked first in the province in cross-border payment market share since the cross-border RMB pilot project started in Yunnan province in 2010, said a person in charge of the branch. 

In the future, the branch will continue to increase policy research and product innovation based on the regional characteristics of Yunnan Province, and make every effort to promote the internationalization of RMB.

Click here to view Chinese report.

(Editors: Cathy Chen, Rachel)


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