A renminbi (RMB) clearing bank has opened in Laos to make it easier for businesses and financial institutions in Laos and China to carry out cross-border transactions using RMB and further facilitate bilateral trade and investment.

Chinese monetary authorities will support Shanghai to take a lead in the free use of renminbi and explore free capital inflow and outflow and free currency exchange in Shanghais Lingang Special Area, a central bank official said on Tuesday.