China News Service, Kunming, December 23 (Reporter Han Shuinan) The reporter learned from the Lincang Municipal Bureau of Commerce in Yunnan Province on the 23rd that on the 20th of this month, the exporter Myanmar Cotton Manufacturing Company received the first advance payment of 60,000 yuan. Remittance to its RMB account in the Muse Branch of the Economic Bank of Myanmar, and recently completed the import and export trade process. The Lincang foreign trade company Yunnan Longsheng Trading Company participated in China's first China-Myanmar border trade cross-border RMB settlement business pilot and declared a success.
On December 14, the Central Bank of Myanmar issued Decree No. 48 to speed up the development of border trade between China and Myanmar, optimize the inter-bank settlement system between the two countries, and follow the principles of ASEAN financial integration to enhance the use and circulation of domestic financial currencies, and allow both China and Myanmar Directly use RMB/Kyat for payment and settlement in border areas of the country.
After the signing of the "Agreement for the Payment of the Myanmar China Boarder Payment" ("Agreement for the Payment of the Myanmar China Boarder Payment"), Bank of China Lincang Branch handled the first remittance procedure for the first advance payment for Yunnan Longsheng Trading Company.
The successful collaboration of this business signifies that the settlement channels for Sino-Myanmar border trade will be smoother, which will help border trade companies avoid exchange rate risks and reduce exchange losses. It also provides strong support for Lincang export companies to collect foreign exchange in a timely manner under the current special background.
Lincang City Bureau of Commerce stated that in the next step, it will continue to support commercial banks to actively connect with Myanmar financial institutions under the framework of bilateral supervisory cooperation, strengthen cooperation and communication, and insist on prudent and steady work under the adverse impact of the new crown epidemic and the turmoil of the international situation. , Strictly control various risks, add a strong impetus to the development of border trade enterprises and various industries, and make new and greater contributions to the circulation and use of the renminbi in neighboring countries and the economic and trade cooperation between China and Myanmar.