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Chinese bank promotes RMB financial express services in Myanmar

A workshop to promote Myanmar-China RMB financial express services was held here on Wednesday by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and the Industrial and Commercial Bank of China Limited (ICBC), Yangon Branch.

“It will be beneficial to everyone if we could get financing services for project financing and trade financing which are needed in promotion of bilateral trade and investment between Myanmar and China from China’s leading bank,” U Ye Min Aung, vice president of the UMFCCI, told the workshop.

“We should directly work with currency of our respective dealing country, instead of relying on currency of a third country,” U Ye Min Aung added.

The ICBC’s new service “China-Myanmar financial express” focuses on facilitating all types of financial needs of the two countries’ people and financing exchange with high efficiency and low cost, said He Biqing, CEO of ICBC Yangon branch.

Featuring discussions under the topics “China-Myanmar Express”, cross-border financial service program and “International Settlement and Remittance”, the workshop aimed to promote support for Chinese Yuan (RMB)-related financial services, policies and the financial needs of clients for legal trade between Myanmar and China.

In January 2019, the Central Bank of Myanmar (CBM) announced allowing Chinese Yuan as the settlement currency for international payments and transfers, aiming for the development of international payment and settlement and border trade.

Source: Xinhuanet

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