RMB clearing bank opens in Laos

STORY: RMB clearing bank opens in Laos DATELINE: Oct. 26, 2023 LENGTH: 00:01:38 LOCATION: Vientiane CATEGORY: ECONOMY SHOTLIST: 1. various of the launching ceremony STORYLINE: A renminbi (RMB) clearing bank opened in Laos, which will create a fast, safe and economical cross-border settlement channel between Laos and China. The opening ceremony of the bank, held on Monday, was attended by Lao Prime Minister Sonexay Siphandone, Governor of Laos' central bank Bounleua Sinxayvoravong, Charge d'Affaires of the Chinese embassy in Laos Wang Chang, and Vice President of the Industrial and Commercial Bank of China (ICBC) Zhang Weiwu. Wang said the bank is aimed at helping enterprises and financial institutions carry out Chinese currency transactions between China and Laos, reducing the cost of the exchange rate, facilitating trade investment between the two countries, and maintaining the financial stability in Laos and strengthening the economic-commercial relations between the two neighbors. Sinxayvora