Laos and China agree direct currency exchange deal

Governor of the Bank of the Lao PDR, Sonexay Sithphaxay (left), and Governor of the People’s Bank of China, Yi Gang, exchanging documents after signing the Agreement on Bilateral Local Currency Cooperation between the two central banks on Jan 6 in Beijing, China. - Vientiane Times/ANN

VIENTIANE: Laos and China have agreed to facilitate the direct exchange of the Lao kip (LAK) and the Chinese yuan (CNY) instead of having to make conversions through other currencies as was done previously.

Governor of the Bank of the Lao PDR, Sonexay Sithphaxay, and Governor of the People’s Bank of China, Yi Gang, signed the Agreement on Bilateral Local Currency Cooperation between the two central banks on Jan 6 in Beijing, China.