Markets

Lao kip-yuan exchange begins

(China Daily)
Updated: 2011-06-10 15:01

Fudian Bank Co Ltd, Yunnan province's first local commercial bank, became the first Chinese bank to begin direct exchange between the yuan and Lao kip on Thursday in Kunming, capital of the southwestern province.

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 has grown from $130 million in 2005 to $1 billion in 2010. By the end of 2010, China had become Laos' second-biggest trade partner and investor.