Myanmar says to accept Renminbi for settlements, stresses China ties

YANGON: Myanmar's military government said on Wednesday it would pilot accepting Renminbi as an official settlement currency for cross-border trade next year and that restarting development projects with neighbouring China was a "major priority".

Myanmar's junta, which seized power in a Feb. 1 coup, said it enjoyed a special "kinship" with China which has supported it financially and with COVID-19 vaccines.

The statement issued by the ministries of information and investment identified several joint projects with China that the government is seeking to push ahead, including plans for railways and ports.

It said the economic downturn this year was "much less severe than forecasts of some international economists".