Myanmar adds yuan and yen as trade-settlement currencies
Move comes as yuan use rises and dollar use falls, analysts say
Myanmar has added the Chinese yuan and Japanese yen as permissible settlement currencies for international payments and transfers, the Central Bank of Myanmar said on January 30.
Another southeast Asian country, Cambodia, took the same action last month, the Chinese state newspaper Global Times reported. The National Bank of Cambodia did not respond to a request for comment.
The moves mark an important step in the yuan’s internationalisation, as China has been pushing to make the renminbi a
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Foreign Exchange
Malaysia using more yuan and ringgit for trade, BNM says
Central bank says the use of dollars for settlement has remained stable over last 14 years
Malaysian governor urges firms to support currency
Cambodian and Malaysian central banks will launch a new cross-border payments link
Nigerian president nominates seven MPC members
Central bank tightens currency restrictions as inflation continues to rise and dollar shortages continue
Nigerian authorities accuse ex-governor of $6m theft
Emefiele has denied all charges but prosecutors say cheque to president was forged
Nigerian central bank says it has cleared some lenders’ FX liabilities
Move comes one week after CBN replaces management of three banks for alleged law-breaking
Philippine central bank will cut FX interventions, governor says
“We’ve been intervening a bit too much”, Remolona says, as officials work on new framework
Colombian central bank begins cutting rates
Board splits over decision, as inflation remains above 10% while economy slows
Argentine government devalues peso and replaces governor
Finance minister announces austerity as IMF welcomes new president’s early moves
Most read
- ECB says iPhone is currently incompatible with digital euro
- ‘Do I die, or do I survive?’ Officials reflect on Basel III complexity
- Supervisors grapple with the smaller bank dilemma