Myanmar allows Chinese yuan, Myanmar kyat to be accepted in border trade

YANGON, Dec. 14 (Xinhua) -- The Central Bank of Myanmar on Tuesday issued an announcement that allows Chinese yuan or Myanmar kyat to be accepted in payment for border trade.

According to the announcement, direct payment in Chinese yuan or Myanmar kyat will be allowed at China-Myanmar borders to boost bilateral trade, to facilitate smooth flow of goods, to make easy access to cross-border payment between the two countries and to promote local currency in line with ASEAN (Association of Southeast Asian Nations) Financial Integration.

Traders will be allowed to open yuan accounts at designated banks, the announcement said.

The Central Bank permitted the Chinese yuan to be officially exchanged at local foreign exchange market in October this year.

The Central Bank has added the Chinese yuan to the list of official settlement currencies for banks in international payments and transfers in 2019, in efforts to promote international payment and settlement as well as to boost border trade.