China opens currency center at Myanmar border

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Border station between Myanmar and China in Ruili, Yunnan province

China has opened a currency service center on Saturday, May 19, at the border to Myanmar in a bid to enhance trade between the two countries, China Daily reported.

The center is located in Ruili city in Yunnan province and will focus on facilitating renminbi cross-border settlements and the establishment of service and information systems to enable financial transactions, said Liu Guangxi, director of the financial office of the government of Yunnan, according to the paper.

The launch of the center follows Myanmar’s move to open its economy  to foreign investors earlier this year and to release the country’s currency, the kyat, into a managed free float.

China is one of the major investors in Myanmar. While sanctions have blocked many Western investments so far, China has become Myanmar’s biggest ally, investing in infrastructure, hydropower dams and twin oil-and-gas pipelines to help feed southern China’s growing energy needs.

Ruili, a strategically located river port city, plays an important role in trade with Myanmar, in both legal and illegal goods and services.

 

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Reading Time: 1 minute

Border station between Myanmar and China in Ruili, Yunnan province

China has opened a currency service center on Saturday, May 19, at the border to Myanmar in a bid to enhance trade between the two countries, China Daily reported.

Reading Time: 1 minute

Border station between Myanmar and China in Ruili, Yunnan province

China has opened a currency service center on Saturday, May 19, at the border to Myanmar in a bid to enhance trade between the two countries, China Daily reported.

The center is located in Ruili city in Yunnan province and will focus on facilitating renminbi cross-border settlements and the establishment of service and information systems to enable financial transactions, said Liu Guangxi, director of the financial office of the government of Yunnan, according to the paper.

The launch of the center follows Myanmar’s move to open its economy  to foreign investors earlier this year and to release the country’s currency, the kyat, into a managed free float.

China is one of the major investors in Myanmar. While sanctions have blocked many Western investments so far, China has become Myanmar’s biggest ally, investing in infrastructure, hydropower dams and twin oil-and-gas pipelines to help feed southern China’s growing energy needs.

Ruili, a strategically located river port city, plays an important role in trade with Myanmar, in both legal and illegal goods and services.

 

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