Yuan/Kyat Direct Payments Allowed in China-Myanmar Border Trade Areas
Republic of the Union of Myanmar Central Bank of Myanmar Notification No 48/2021 11th Waxing of Nadaw 1383 ME 14 December 2021
1. The Central Bank of Myanmar has issued this proclamation exercising its authority under Sections 17 and 22 of the Foreign Exchange Management Law.
2. To increase China-Myanmar trade and facilitate the flow of goods, Yuan/Kyat direct payments were allowed on the China-Myanmar border to facilitate the two countries’ payment and clearing systems and to increase domestic currency in line with the objectives of ASEAN Financial Integration.
3. Designated banks which are allowed Yuan/Kyat direct payments have been allowed to open yuan accounts of importers and exporters for cross-border trade.
4. Therefore, the designated banks are required to adhere to the Guidelines for the Direct Use of Yuan/Kyat in China-Myanmar border trade areas.
5. This notice shall take effect from the date of issue.
Than Nyein
Governor
Central Bank of Myanmar