Cross-border RMB settlements at Mohan Port rise 51.25% in first five months

(ECNS) -- Cross-border RMB settlements at Mohan Port on the China-Laos border reached 3.844 billion yuan (about $535 million) from January to May, up 51.25% year on year and accounting for 94.14% of the port's total domestic and foreign currency settlements, the People's Bank of China said.

To promote local currency use in cross-border trade, the PBOC's Xishuangbanna branch joined five financial institutions operating at Mohan Port to hold a local currency settlement service week in the China-Laos Mohan-Boten Economic Cooperation Zone, showcasing cross-border RMB settlement, trade financing and other financial services.

(By Kira)