15th China-ASEAN Financial Cooperation and Development Summit Forum held in Nanning

The 15th China-ASEAN Financial Cooperation and Development Summit Forum was held yesterday in Nanning, China, attended and delivered speeches by the governor of the Central Bank of Myanmar (CBM) and heads of ASEAN Central Banks.
The CBM governor stated that China and the ASEAN member countries have established a robust partnership. Discussions will focus on enhancing regional economic cooperation and further aligning China’s Asian Silk Road (Belt and Road Initiative) with the ASEAN agenda. At the 10th meeting of ASEAN Finance Ministers and Central Bank Governors held in Indonesia, a commitment was made to uphold financial stability and deepen financial integration among ASEAN member countries.
Due to the market instability, emerging and developing countries are working to stabilize their financial systems and reduce their reliance on the US dollar. There is a pressing need to promote regional innovation and cooperation. The role of the Chinese yuan has expanded, it now ranks third as the preferred currency for cross-border commercial payments. In economic cooperation between China and Myanmar, the Asian Silk Road (Belt and Road Initiative) can bolster Myanmar’s economic connectivity and cooperation. The development of infrastructure for Myanmar’s economic projects will create significant opportunities for trade and investment linkages, accelerating economic growth.
Regarding the cross-border trade between China and Myanmar, she also mentioned that the yuan-kyat programme has been implemented. Given our country’s geographical position, this initiative opens up a significant potential for increasing cross-border payments. Financial cooperation plays a vital role in the partnership between the two countries. The expansion of banking and financial services, coupled with increased cross-border investments, is expected to facilitate trade and provide support in terms of investment and financial inclusion.
The team led by Mr Liu Ning, head of the Guangxi state, deputy head of the Management for Foreign Exchange of the People’s Republic of China, heads and deputy heads of central banks from Myanmar, Laos, Thailand and Cambodia, as well as representatives from ICBC, BOC, ABC, CCB, CDB, ADB, EXIM Bank of China, officials from China Insurance Corporation and officials from Beijing, Shanghai and Shenzhen Stock Exchanges attended the forum. — MNA/KZW

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