Myanmar allows Chinese yuan to be exchanged at local forex market

The Central Bank of Myanmar on Tuesday issued a directive that allows Chinese yuan to be exchanged at local foreign exchange market.

According to the directive, authorized dealer licensed banks, money changer licensed banks and non-bank money changers will be allowed to officially trade Chinese yuan starting Tuesday.

Japanese yen was also allowed to be traded at local foreign currency market at the same time, the directive said.

With the two newly added foreign currencies, the number of foreign currencies being officially exchanged at the local forex market has increased to seven, including U.S. dollar, Euro, Singapore dollar, Thai baht and Malaysian ringgit.

The Central Bank has added the Chinese yuan and Japanese yen 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.