Beijing, April 26 -- Trade between the Association of Southeast Asian Nations (ASEAN) and China has grown strongly in recent years, leading to a rising demand for the use of the renminbi (RMB) in cross-border payments, according to the International Trade news website of China's Ministry of Commerce.
Monetary cooperation between the two sides has expanded significantly, including bilateral currency swaps and the development of cross-border QR payment systems, helping businesses and individuals make payments more quickly and conveniently.
Currently, about 100 banks in ASEAN countries have directly or indirectly joined the RMB Cross-border Interbank Payment System (CIPS). This system continues to improve, contributing to the growing role of...