Traders eye speeding China-Myanmar border trade after RMB accounts allowed in private banks

Myanmar traders have hoped that the Chinese currency renminbi (RMB) accounts in four private banks would accelerate border trade.

"Allowing private banks authorized to offer RMB accounts is good for merchants and the use of RMB will increase border trade with China," said U Min Thien, chairman of the Muse Commodity Depot.

Four private banks in Myanmar were allowed to provide RMB accounts in order to facilitate the process of payment in China-Myanmar border trade.

The CB bank, one of the authorized private banks, announced that the bank will offer RMB accounts for traders who are trading at Myanmar-China borders.

Moreover, the uab bank announced that RMB accounts for companies can be opened in every branch to make payments for border trade.

The central bank of Myanmar allowed these private banks as designated banks to make easy access to cross-border payment between Myanmar and China.