Border Trade: Meeting On Making Payment With Yuan Accounts

Bank of China, Industrial and Commercial Bank of China (ICBC) organized a meeting regarding the issue of opening a Chinese yuan account and making payments for Myanmar-China trade.

At the meeting in Mandalay, Deputy Governor of the Central Bank of Myanmar Daw Than Than Swe discussed the aims, objectives and procedures of the direct use of yuan-kyat in bilateral border trade, and advantages. Secretary of the Central Committee on Ensuring Smooth Flow of Trade and Goods Deputy Minister for Commerce U Nyunt Aung briefed the challenges in making payments by opening yuan accounts.

Attendees raised the questions about the banking sectors, payment methods, proposed exchange rate, documents for border trade, bank rate and financial assistance, and Managing Director of MEB, officials of ICBC and BOC coordinated the discussions.