To enhance China-Myanmar bilateral trade, the Bank of China (Hong Kong) held the 2023 Yangon Branch Golden Autumn RMB Forum at the Wyndham Grand Yangon Hotel yesterday afternoon. The forum aims to develop the Yuan-Kyat direct payment system, accelerate trade and commodity flows, and facilitate bilateral payments and account clearing.
Daw Than Than Swe, Governor of the Central Bank of Myanmar, attended the ceremony via video conferencing and delivered an opening speech.
Mr Ying Jian from the Bank of China (Hong Kong) discussed the step-by-step process of establishing the Chinese yuan as a global currency and the implementation of cross-border Chinese yuan trade payments. The Bank of China (Hong Kong) holds the distinction of being the first Chinese Yuan Clearing Bank to manage Yuan accounts outside of China. The discussion covered various aspects of its global and Southeast Asia operations as a Chinese Yuan Clearing Bank, including the capital market and transactions denominated in Chinese yuan in the financial market. Furthermore, the conversation encompassed the Chinese Yuan’s inclusion in the IMF’s SDR Currency Basket and the emergence of global reserve currencies.
Subsequently, Mr Nathan Yeung discussed the trend of the Chinese Yuan exchange rate and provided an analysis of China’s economy. He noted that while the leading role of the US dollar has declined, it still plays an important role. China’s economic indicators are improving, and both the US dollar and Chinese Yuan spot rates are rising. These developments suggest that the strength of the Chinese Yuan is increasing.
Next, Mr Zhao Yidi discussed investment methods in the Chinese Yuan financial market, the issuance and sale of treasury bonds in Chinese Yuan, and the FX rate and interest rate of the Chinese Yuan. Following that, Mr Yue Jiacheng provided an introduction and discussion on the Cross-Border Bank Payment System (CIPS). — MNA/KZW
