PBoC signs currency settlement agreement with Laos

Agreement comes as Chinese authorities push for increased international use of renminbi

The Central Bank of the Lao People's Democratic Republic

China’s central bank signed an agreement on bilateral local currency co-operation with its counterpart in Laos.

The agreement allows direct settlement in the Chinese yuan or Lao kip for transactions under the current and capital accounts, the People’s Bank of China (PBoC) said on January 9.

The agreement demonstrates “the commitments of the two central banks in pushing forward the Belt and Road Initiative in the banking sector and bringing the bilateral comprehensive strategic partnership to a

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