If Ruble, Yuan and Rupee can be used instead of US dollars in world trade, the financial bullying of big countries will be overcome: SAC Chair

If the Ruble, Yuan and Rupee could be used instead of US dollars in the world trade, the financial abuse of big countries would be overcome, said the chairman of the State Administration Council (SAC) and Prime Minister Senior General Min Aung Hlaing. He added the above in his speech at the 7th Eastern Economic […]

Myanmar accepts yuan as official settlement currency for border trade with China

Myanmar has accepted the Chinese yuan as an official settlement currency for border trade with China, in a move that aims to address its shortage of US dollars and other foreign currencies, as the Southeast Asian country faces economic challenges amid political instability, sources close to the matter told the Global Times on Wednesday. China, […]

Mandalay’s Motorcycle Market is Clicking

The motorbike market in Myanmar’s second largest city Mandalay has picked up according to motorbikes shops. This is in contrast to Yangon, where riding motorbikes in the city is legal. “Motorbike sales are better than they were before. This is due, thanks in part, to installment payment programs, which most of the motorbike shops increasingly […]

Myanmar next stop in China-Japan rivalry as frontier market opens doors to yuan and yen payments

Myanmar has officially permitted the use of the Chinese and Japanese currencies in cross-border payments, as the Asian giants vie for dominance in one of the region’s last frontier markets. The directive means that the yuan and yen join the euro, the US Dollar and the Singaporean dollar as designated currencies for settling international trade […]

Cross-border trade slows due to renminbi fluctuations

Fluctuations in the value of the renminbi are having an adverse effect on China-Myanmar cross-border trade traders in Muse have told The Myanmar Times. China’s renminbi is the currency of choice for trade in the border region and a 10 percent drop in value is enough to cause businesses to lose money on deals, say […]

CBM intervenes in forex market, considers liquidity measures

Despite attempts to inject liquidity into the foreign exchange market and stabilise the dollar-kyat exchange rate by the Central Bank of Myanmar (CBM), the dollar has continued to appreciate against the kyat. On August 14, the CBM set its reference at a high of K1,460 to the dollar. Since May, the dollar has risen by […]

Myanmar Watermelon Nabs China’s Off-Season Market Share

China’s domestic watermelon season ends in October—except for in Hainan where a small quantity of watermelon is being grown. Watermelons from Myanmar, however, are just coming into season. Myanmar’s watermelon is an off-season fruit that usually lists from November to May of next year. At present, Myanmar’s watermelon has taken over 80% of China’s off-season […]