Seminar on RMB internationalization held in Laos

The Bank of China (Hong Kong) Vientiane Branch hosted a seminar on the internationalization of the Chinese currency renminbi (RMB), focusing on new opportunities and developments in China-Laos economic and trade cooperation amid the currency's growing international use.

The seminar was held on Friday and attended by over 250 representatives from the Lao government, the financial industry, and businesses from both Laos and China.

Speaking at the opening ceremony, acting governor of the Lao central bank Vathana Dalaloy said bilateral trade between Laos and China has been steadily increasing, alongside the continued growth of cross-border RMB settlements.

She emphasized that the Lao central bank would continue to strengthen its financial cooperation with China, particularly focusing on policy discussions, digital payments, and currency exchange, with the aim of advancing Laos-China financial ties to new heights.

Also speaking at the event, Chinese Ambassador to Laos Fang Hong highlighted the positive momentum behind the internationalization of the RMB. She noted that Laos has emerged as both a strong promoter and a key beneficiary of this trend, thanks to its strategic geographic location and growing potential for cooperation.

Fang encouraged both countries to seize this historic opportunity to deepen financial collaboration and expand the use of the RMB in bilateral trade and economic activities.

In his speech, Deputy Chief Executive of the Bank of China (Hong Kong) Wang Huabin stated that enhanced financial cooperation between China and Laos would further expand bilateral trade.

He noted that this partnership would provide comprehensive financial support for key projects in Laos and facilitate the activities of businesses and individuals from both countries.

The seminar also featured discussions by experts on the internationalization of the RMB, China-ASEAN economic and financial cooperation, the potential for RMB use in ASEAN countries, and the development and implications of digital currencies.