Local banks allowed to use yuan in digital settlements

[geovalin]

The Bank of China and the Cambodian Ministry of Tourism on Friday signed a memorandum of understanding that allows certain banks in the Kingdom to settle transactions in Chinese yuan. The agreement, signed on the sidelines of the second edition of the Belt and Road Initiative (BRI) Forum in Beijing, aims to increase the number of Chinese tourists to the country by facilitating payments.

On Sunday, Chea Serey, director-general of the National Bank of Cambodia, told reporters at a press conference that 15 banks have been granted permission to settle digital payments in yuan through Union Pay, WeChat Pay and Alipay. She said 12 additional banks have expressed interested in the scheme.

Ms Serey stressed that the agreement does not run counter to efforts by the Central Bank to promote the local currency, the riel. “The goal of the NBC and the government is to promote the use of the Cambodian riel,” she said, adding that the yuan cannot be used in physical payments.

 

read more https://www.khmertimeskh.com/50598736/local-banks-allowed-to-use-yuan-in-digital-settlements/

[connda]

That isn't going to please Cambodia's Big Uncle 8000 miles to the Northeast.

 

 

Edited April 30, 2019 by connda