China, Laos sign cooperation memorandum on RMB clearing in Laos

BEIJING -- China's central bank has signed a memorandum of cooperation with the central bank of Laos on the establishment of renminbi (RMB) clearing arrangements in Laos.

The arrangements will help enterprises and financial institutions in the two countries conduct cross-border transactions using the RMB, according to a statement on the People's Bank of China website on Tuesday.

It will also further facilitate bilateral trade and investment, the bank said.