The Central Bank of Myanmar has announced that it will add the Chinese renminbi, along with the Japanese yen, as official settlement currencies for international payment.

A notice from the bank says the addition is to promote the development of international payment and settlement as well as border trade.

Except for licensed banks, other institutions and individuals are not allowed to open RMB or yen accounts.

An official from the Bank of Myanmar said the move will make the payment and settlement of border trade with China more convenient.