Cross-border renminbi (RMB) cash transfer has exceed 100 million yuan (14.5 million U.S. dollars) in the Mohan-Boten Economic Cooperation Zone between China and Laos, through a specially built road tunnel.
The RMB cash transfer in the region has supported Chinese companies to launch infrastructure construction in Laos, such as railways, highways and a hydropower station, according to Fudian Bank.
Fudian Bank is the only Chinese bank approved to carry out RMB cash transfer in the region.
The bank has so far transferred 101 million yuan to Laos over 13 transactions since last May.
With the rapid development of bilateral economic and trade relations, China and Laos established the Mohan-Boten Economic Cooperation Zone in 2015 to create favorable conditions for people-people as well as trade exchanges between the two sides.
Last May, China’s Fudian bank and Lao China Bank of Laos launched the business of cash transfer to meet the needs of bilateral financial services. A specially road tunnel for the cash transfer was thus built.
Cross-border cash transfer of the RMB first began between China and Singapore in 2014.