Seminar on renminbi internationalisation held in Laos
The seminar was held on Friday (April 25) and attended by over 250 representatives from the Lao government, the financial industry and businesses from both Laos and China.
Speaking at the opening ceremony, acting governor of the Lao central bank Vathana Dalaloy said bilateral trade between Laos and China has been steadily increasing, alongside the continued growth of cross-border RMB settlements.
She emphasised that the Lao central bank would continue to strengthen its financial cooperation with China, particularly focusing on policy discussions, digital payments, and currency exchange, with the aim of advancing Laos-China financial ties to new heights.
Also speaking at the event, Chinese Ambassador to Laos Fang Hong highlighted the positive momentum behind the internationalisation of the RMB. She noted that Laos has emerged as both a strong promoter and a key beneficiary of this trend, thanks to its strategic geographic location and growing potential for cooperation.
Fang encouraged both countries to seize this historic opportunity to deepen financial collaboration and expand the use of the RMB in bilateral trade and economic activities.
In his speech, Deputy Chief Executive of the Bank of China (Hong Kong) Wang Huabin stated that enhanced financial cooperation between China and Laos would further expand bilateral trade.
He noted that this partnership would provide comprehensive financial support for key projects in Laos and facilitate the activities of businesses and individuals from both countries.
The seminar also featured discussions by experts on the internationalisation of the RMB, China-ASEAN economic and financial cooperation, the potential for RMB use in ASEAN countries, and the development and implications of digital currencies. - Xinhua
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
37 minutes ago
- The Sun
Guests of the Shanghai Cooperation Organization Media and Think Tank Summit Visit Luoyang: Embracing the Dynamic Pulse of a Millennia-Old Ancient Capital
LUOYANG, CHINA - Media OutReach Newswire - 1 August 2025 - From July 23 to 27, the Shanghai Cooperation Organization Media and Think Tank Summit was held in Zhengzhou, Henan Province. On July 26, over 100 guests embarked on a field visit to Luoyang, immersing themselves in the vitality and pulse of this millennium-old ancient capital. As a pivotal cradle of Chinese civilization, an ancient capital of thirteen dynasties, one of the Eastern starting points of the Silk Road, and a central city along the the Grand Canal of Sui and Tang Dynasties, Luoyang boasts over 5,000 years of civilization, nearly 4,000 years of urban history, and more than 1,500 years as a capital. Additionally, it serves as an important traditional industrial base prioritized by the People's Republic of China. During the first Five-Year Plan (1953-1957), seven of 156 key national projects were launched here. In the new era, Luoyang is forging deep integration into the Belt and Road Initiative, as China-Europe and China-Central Asia freight trains operate around the clock. Tu navegador no soporta el ví�deo de HTML5 The Silk Road's ancient portal endures, while the radiance of the Tang Dynasty's heyday blooms anew. Dingding Gate stands majestic, having witnessed the distant years when camel bells echoed along the Silk Road and greeted the flourishing glory of the Sui and Tang Dynasties. Stepping into the Site Museum of Dingding Gate, a magnificent reenactment of the 'city entrance ceremony' instantly transported them through history. As performers bowed deeply, their Hanfu robes swirling, the guests marveled at the millennia-old elegance of the cross-handed salute, remarking they had never witnessed such graceful etiquette. Moving to the dazzling 'Wuhuang Shengyan (a Tang-style Cultural Restaurant)', guests embarked on a multisensory journey through the Tang Dynasty's golden age. Amid carved railings and jade-inlaid structures, they savored exquisite delicacies amid resounding music and dance, overwhelmed by the grandeur of Tang majesty. In joyous spirit, guests spontaneously joined performers onstage. Long after the feast, its melodies lingered as the guests remained in awe, exclaiming, 'Stunning! Magnificent! Breathtaking!' They vowed to tell friends and family that they must come and experience it. Dongfanghong composes new stories, while the Buddha's light of Longmen shines upon the world. Entering the Dongfanghong Innovation Hub of YTO Group Corporation, guests felt the surging pulse of Luoyang's equipment manufacturing and industrial development. Interested foreign guests boarded the vehicles to experience the new tractors on display. The accessible advanced manufacturing deeply touched them. 'Luoyang is not only beautiful, but also possesses the crafting might of modern farm machinery, which is truly remarkable!' Many foreign guests noted that China's generous support in professional technologies and equipment had boosted agricultural development in their countries, bolstering the foundations of sustainable growth and safeguarding precious food security. They expressed hope for deeper cooperation ahead. At Longmen Grottoes, guests explored China's treasury of stone carving art. Foreign guests paused before the Giant Vairocana Buddha, remarking that Luoyang is an extraordinarily unique place, rich in culture and civilization. They expressed hope for linking their countries with China through tourism to foster deeper exchanges and mutual learning between civilizations. Millennium-old Luoyang retains its timeless charm. Through this in-depth visit, guests of the Shanghai Cooperation Organization Media and Think Tank Summit not only heard the echoes of history but also felt the city's powerful pulse of the times. They etched deeply in their hearts a 'stunning, magnificent, and breathtaking' magical Luoyang, a city they would share far and wide across the world.
The Star
an hour ago
- The Star
Mistral in talks with VC firms, MGX to raise funds at $10 billion valuation, FT reports
A message reading "AI artificial intelligence", a keyboard, and robot hands are seen in this illustration taken January 27, 2025. REUTERS/Dado Ruvic/Illustration/ File Photo (Reuters) -French artificial intelligence startup Mistral is in talks with investors, venture capital firms and Abu Dhabi's MGX to raise $1 billion at a valuation of $10 billion, the Financial Times reported on Friday, citing people familiar with the matter. The company launched in June Europe's first AI reasoning model, which uses logical thinking to create a response, as it tries to keep pace with American and Chinese rivals at the forefront of AI development. The funding would accelerate the commercial rollout of Mistral's Le Chat chatbot and support continued development of its large language models, the report said. MGX and Mistral did not immediately respond to Reuters requests for comment. The startup raised 600 million euros in a Series B funding round that valued the company at 5.8 billion euros last year. Industry observers consider Mistral as Europe's best-positioned AI company to rival Silicon Valley leaders, though the French firm has yet to achieve comparable market traction or revenue scale. Mistral counts Nvidia, Andreessen Horowitz and Lightspeed Venture Partners among its investors. (Reporting by Akash Sriram in Bengaluru; Editing by Alan Barona)
The Star
2 hours ago
- The Star
U.S. stocks sink on tepid U.S. jobs data, erratic trade policies
NEW YORK, Aug. 1 (Xinhua) -- U.S. stocks tumbled Friday, weighed down by a weaker-than-expected jobs report that signaled a cooling labor market and growing investor unease over the Trump administration's erratic trade policies. The Dow Jones Industrial Average dropped 542.4 points, or 1.23 percent, to 43,588.58. The S&P 500 declined 1.6 percent to 6,238.01, and the Nasdaq Composite slid 2.24 percent to 20,650.13. Losses were broad across the market, with eight of the 11 primary S&P 500 sectors closing lower. Consumer discretionary and technology stocks led the decline, falling 3.59 percent and 2.07 percent, respectively. Health care and consumer staples were among the few bright spots, rising 0.58 percent and 0.53 percent. The U.S. economy added just 73,000 jobs in July, far below the 104,000 forecast. Previous months' job gains were also revised down sharply, and the unemployment rate rose to 4.2 percent from 4.1 percent in June. U.S. President Donald Trump criticized the report as a "mistake," and announced the dismissal of Bureau of Labor Statistics Commissioner Erika McEntarfer. He also renewed criticism of Federal Reserve Chair Jerome Powell. "This is a gamechanger jobs report. The labor market now looks a lot weaker than expected," said Heather Long, chief economist at Navy Federal Credit Union. Bank of America warned that the data raised the risk of "bad cuts" by the Fed on Friday. Markets see a nearly 90 percent chance that the Federal Reserve will cut interest rates in September, according to the CME FedWatch Tool. Markets were also rattled by a sweeping executive order signed by Trump on Thursday, which hiked tariffs on Canadian goods to 35 percent and set "reciprocal" tariffs on dozens of other countries. Tech stocks were hit hard. Amazon dropped 8.27 percent despite posting better-than-expected second-quarter results. Apple declined 2.5 percent, reversing earlier gains after releasing strong earnings. Meta lost about 3 percent, while Nvidia, Microsoft, Alphabet, Broadcom, and Tesla all slid more than 1.5 percent. "Traders are locking in gains as tech earnings fade, macro risks grow, and seasonality turns negative. Breadth is narrowing, valuations are stretched, and defensive positioning is quietly building," said Joseph Cusick, portfolio specialist at Calamos Investments.
