Myanmar plans to allow Chinese yuan for investments
Myanmar’s State Security and Peace Commission Chairman, Senior General Min Aung Hlaing, announced that the country will move quickly to enable Chinese investments in yuan.
Speaking at a coordination meeting with Union government members on September 12, he said many Chinese investors prefer to use the yuan, and Myanmar is already conducting some trade settlements directly in the yuan and kyat. Allowing investments in yuan as well as dollars would expand opportunities and benefit the economy.
He urged ministries to prioritise investment promotion, set up a Myanmar-China trade and investment association, and boost agricultural exports to strengthen trade. He also stressed the need to expand production of cooking oil crops, reduce imports, and increase foreign exchange earnings.
Senior General Min Aung Hlaing noted that Myanmar’s exports are still dominated by natural resources and CMP products, while agricultural exports remain low compared with the past. He said greater investment, especially in agriculture and manufacturing, could create jobs, bring in technology, and support national development.
The meeting was attended by SSPC Vice Chairman Vice-Senior General Soe Win, Prime Minister U Nyo Saw and senior officials, including Union ministers, state and region chief ministers, and commission members.
Eleven Media
Asia News Network
