Myanmar’s military government said Tuesday it will accept the yuan as the official settlement currency for cross-border trade next year. Officials stated that the launch of a joint development project with China was a top priority.
The military junta, which came to power in a coup on Feb. 1, said Myanmar has a special relationship with China, which has provided financial support and vaccines against COVID-19.
The Ministry of Information and Investment said that the Myanmar government plans to push ahead with several joint projects with China. These include plans to build railroads and ports.
Myanmar’s government has faced a less severe economic downturn this year than some international economists have predicted.