Financial Cooperation and Development: CBM Governor joins the forum in China

The 15th China-ASEAN Financial Cooperation and Development Summit Forum was held yesterday in Nanning, China. It was attended and delivered speeches by the governor of the Central Bank of Myanmar (CBM) and heads of ASEAN Central Banks.

The CBM governor stated that due to the market instability, emerging and developing countries are working to stabilize their financial systems and reduce their reliance on the US dollar. There is a pressing need to promote regional innovation and cooperation.

The role of the Chinese yuan has expanded, and it now ranks third as the preferred currency for cross-border commercial payments. Regarding the cross-border trade between China and Myanmar, she also mentioned that the yuan-kyat programme has been implemented.

Financial cooperation plays a vital role in the partnership between the two countries. The expansion of banking and financial services, coupled with increased cross-border investments, is expected to facilitate trade and provide support in terms of investment and financial inclusion.

The delegation led by the Head of the Guangxi Province, Deputy Head of the Management for Foreign Exchange of China, officials of the Central Banks from Myanmar, Laos, Thailand and Cambodia, as well as representatives from ICBC, BOC, ABC, CCB, CDB, ADB, EXIM Bank of China, and officials from China Insurance Corporation and officials from Beijing, Shanghai and Shenzhen Stock Exchanges attended the forum.