Development

Direct exchange between RMB and Laotian Kip begins

By Li Yingqing and Guo Anfei (China Daily Yunnan Bureau)
Updated: 2011-06-09 14:36

Direct exchange between RMB and Laotian Kip is launched on June 9, in Kunming, the capital of Southwest China's Yunnan province.

Fudian Bank, the province's first local commercial bank, became the first Chinese bank to open the business.

Liu Guangxi, director of the Finance Office of Yunnan Provincial Government, said the direct exchange will reduce rate risks and cut costs for businesses on both sides.

Trade between China and Laos is growing robust in recent years. The trade volume has grown from 130 million dollar in 2005 to 1 billion dollar in 2010. By the end of 2010, China has become Laos' second biggest trader and investor.