Chinese currency now convertible in Nepal

NEPAL - Nepal Rastra Bank, the country's central bank, for the first time today fixed its exchange rate at nine rupees to one Chinese yuan. Governor Dr Tilak Rawal and Chinese Ambassador Wu Congyong signed the free convertibility accord on Monday.

The yuan will be used to finance imports from China. Also, Chinese visitors can now freely exchange the yuan at any Nepali bank, and the move will help promote Chinese arrivals.