Trade transactions in Yuan between Myanmar and Yunnan reach over 190 bln as of August
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Khit / Phoo Pyae (NP News) - Oct 13
It has been 190.293 billion Yuan between Myanmar and Yunnan trade in Yuan transactions as of August 2022, according to the statement released by the China embassy.
Yunnan has relied on its locational advantage along the border and carried out cross-border financial cooperation in recent years; which has significantly increased the impact of the yuan on neighboring countries, the embassy informed.
Yuan/kyat direct use payment was approved on 14th December 2021 to promote bilateral trade and a better payment system.
Cross-border Yuan-denominated payment business, initially practiced for only commodity trade, is now expanded to transactions for current accounts and capital accounts.
Yunnan has conducted cross-border payments in Yuan with 106 countries and regions; with 411.892 billion Yuan to 40 countries along "The Belt and Road" as of August 2022.