She made this statement during the ceremony held on November 1st at the ICBC Center, Crystal Tower in Yangon, marking the commencement of the Cross-Border Interbank Payment System (CIPS).
She said that the establishment of the CIPS represents a milestone for cross-border payments and trade, offering an alternative solution for international transactions between China and Myanmar.
Reports indicate that the system will provide an alternative option for conducting international payments, alongside SWIFT, offering significant advantages for bilateral trade, investment, increased financial security, and enhanced cash flow between the two countries.
She also emphasized that by promoting the system, bilateral trade between Myanmar and China, as well as the cash flow between the two countries, will be smoother, leading to a substantial reduction in reliance on the USD.
Reports indicate that the Industrial and Commercial Bank of China (ICBC) Yangon Branch has become a part of the CIPS with the aim of advancing the utilization of RMB for cross-border transactions in Myanmar and China.
According to the bank, ICBC Yangon Branch stands as the first commercial bank in Myanmar being authorized to provide extensive RMB financial services for border trade between China and Myanmar. These services encompass RMB account opening, deposits, settlements, financing, and foreign exchange, helping to both Chinese and Myanmar clients.