Naypyidaw, December 13

The Central Bank of Myanmar (CBM) has issued Order No. 48/2021 today, December 14, authorizing the system of direct payments in Yuan and Kyat in the China-Myanmar border areas.

 The statement said the direct payment in Yuan and Kyat would be used to boost China-Myanmar trade and streamline the flow of goods, streamline of payments and clearing system, and increase the use of domestic currency in line with ASEAN Financial Integration objectives.

 The order also allows destinated banks to make direct payments in Yuan / Kyat, to open Yuan accounts of importers and exporters for cross-border trade, and they need to comply with the guidelines for  Yuan / Kyat direct payment procedures in their operations.