BEIJING – Industrial and Commercial Bank of China (ICBC), China’s largest lender by market value, said Wednesday that its Vientiane branch had been approved as Laos’ sole yuan-clearing bank.
The decision, made by the Bank of Lao PDR, indicates that ICBC’s Vientiane branch can open yuan accounts for banks, enterprises and individuals in Laos, and it will be responsible for clearing yuan transactions between Laos and China, according to a statement on the ICBC’s website. Bilateral relations between China and Laos have witnessed sound development in recent years. Bilateral trade has risen from $130 million in 2005 to $1.36 billion last year. China has become Laos’ largest foreign investor. Its total investment in 443 projects has exceeded $4 billion since 1989.
This article was first published by China Daily on 21st June, 2012. Click the link below to read the article in its original context: