Mizzima

The use of the Chinese currency Yuan was more than the US dollar in Myanmar border trade with China, agencies report.

In settlement of transactions on border trade with China, 48.4% was in Yuan and the data shows the two countries are abandoning the US dollar in favour of the Yuan, 

In March, the Chinese Yuan equivalent to US$549.9 billion was used in settlements in border trade with China, an increase over the February figure.

In February, the Chinese Yuan equivalent of US$434.5 billion was used in settlements in border trade with China.

China used their local currency more in border trade.

On a global level, the use of the Chinese Yuan in trade is low, but the amount has been rising over the years.

After the start of the Russia-Ukraine war, Russia abandoned the US dollar in trade and used local currencies instead. Currently Russia, China, Brazil, South Africa and many other countries are planning to use more local currencies than the US dollar in their trading.

Russia President Vladimir Putin said recently that Russia would use more Chinese currency Yuan than its currency the Ruble in its trading.