New Exchange Center Opens in Chinese Border Town
23 May 2012
China has launched a new yuan-kyat exchange center in Ruili, Yunnan Province, to facilitate cross-border trade with Burma. The new center will promote exchanges between the two countries’ currencies and make it easier to repatriate yuan, according to a Chinese government website. “We expect an increase in trading volumes via Myanmar, and opening of the cross-border CNY [Chinese yuan] center in Ruili will help accelerate the process,” Dariusz Kowalczyk, a senior economist and strategist with Credit Agricole CIB in Hong Kong, said in an interview with Bloomberg News.