PBoC signs Laos currency settlement agreement

Deal comes as Chinese authorities push for greater global use of renminbi

china-currency
Direct settlement: deal shows “commitment of the two central banks in pushing forward the Belt and Road Initiative”

China’s central bank has signed an agreement on bilateral local currency co-operation with its counterpart in Laos.

The deal allows direct settlement in the Chinese yuan or Lao kip for transactions under the current and capital accounts, the People’s Bank of China (PBoC) said on January 9.

It demonstrates “the commitment of the two central banks in pushing forward the Belt and Road Initiative (BRI) in the banking sector and bringing the bilateral comprehensive strategic partnership to a new

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