Yuanta Reports

Yuan-riel exchange rate launched

The National Bank of Cambodia and the People’s Bank of China officially launched yesterday the yuan-riel exchange rate that is believed to be important for economic and financial ties between the two countries. Sum Saniseth, deputy governor of the NBC, said China also has similar exchange rate with Malaysia and Thailand, and that the yuan-riel exchange rate was useful for Cambodia since China is the country’s first source of foreign investment flow and tourists. He added that the launch of the exchange rate will help reduce the risk of exchange rate fluctuations, and so enhance the effectiveness and safety of cash settlements. China is a major donor and investor in Cambodia, pumping in $2bn in grants, loans, and direct assistance, and with FDI reaching $10bn since 1990, according to official data. (Source: Khmer Times)

Economy & Industry

15th September 2017

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