Yunnan: Ruili First City to trade Kyat in China

The opening ceremony of Ruili China and Myanmar currency exchange center was held in the Jiegao Economic Development Zone in Ruili, Yunnan province on March 31, 2015. The new currency exchange center makes Ruili the first city to trade Kyat in China and also the first county-level city to establish the currency exchange center in Yunnan province.

In recent years, with the upgrading of the Ruili Key Development and Opening-up and Experimental Zone and the Border Financial Comprehensive Reform Pilot Area and as part of China's 'One Belt and One Road', 'BCIM economic corridor' strategy, the trade between China and Myanmar has developed rapidly. The capital transaction flows between the two countries have also increased.

Having obtained the approval of the Ruili government, the Currency Exchange Centre was established on 24 of March 2015. It will play a pivotal role in establishing the Renminbi as a key currency in overseas markets.

The establishment of the China-Myanmar Ruili currency exchange center will build an effective platform to promote the Sino-Burmese currency exchange's standardization and legalization, increase China-Myanmar trade and facilitate cross-investment. And this center is providing a broader development space for the China-Myanmar related currency exchange institutions and enterprises.

At present, there are four companies which are under the jurisdiction of the current center. These companies have franchise licenses for personal foreign currency exchange. They are Ruili Datong, Ruili Taili, Yunnan Asian Union currency exchange and Tianjin Bohai TransForex company.

At the currency exchange centre, the reporter saw there were already quite a number of Myamar residents waiting in line to convert their currency, with their identification card， translation documents and other related materials in their hands.

Jia Ruixin is a 23-year-old girl from Myanmar. She is working in Ruili Datong company as a translator. She said she can only earn 500 Renminbi per month when she was in Myanmar, but now earns 1,500 Renminbi per month, and both her income and quality of life have greatly improved. But every time she had to convert the money into Kyat with personal currency exchange companies, she felt it was cumbersome and insecure. The establishment of the center is making her life easier and safer.

By consolidating the existing four currency exchange agencies, and setting a guideline for the exchange rate, the Centre is striving for the formation of a Ruili index number. This Centre will also have a profound impact on the 'One Belt and One Road', 'BCIM economic corridor' strategy, and it will gradually standardize the RMB and Kyat exchange market, promoting the development of China-Myanmar bilateral trade. It will also provide better service for the people from China and Myanmar, and deepen the friendship and good neighborly relations between China and Myanmar.

At present, the Center is aiming to urge the central exchange member firms to be based in the China-Myanmar currency exchange center and play to their strengths, and to further standardize the management to continuously expand their business, growing bigger to achieve greater development.

The Center is also expecting more companies to join the 'Big Family' of China-Myanmar Ruili Currency Exchange Center. Hopefully the Center will lead China-Mynmar currency exchange to develop in a sustainable and healthy way and improve bilateral economic ties.