Vietnam allows renminbi payments in border areas
Renminbi payments designed to cut risks and boost trade
The State Bank of Vietnam (SBV) has officially approved the use of renminbi for trade payments in the border area with China, in an attempt to reduce foreign exchange risks.
Starting from October 12, individuals and some organisations can use yuan to pay for goods and services across the seven provinces in Vietnam that share a border with China, according to a circular published on the SBV website on August 28. Payments can be settlement in either Chinese yuan or Vietnamese dong.
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