Introduction of Yuan accounts set to boost Maldives-China FTA: Chinese Ambassador

The launch of yuan denominated account services at the Bank of Maldives (BML) will boost the Free Trade Agreement (FTA) between Maldives and China, Chinese Ambassador to Maldives Kong Xianhua said today.

Speaking at a ceremony to inaugurate the services related to opening of Yuan accounts, Ambassador Kong said yuan accounts would expand trade opportunities and attract more Chinese investments and expertise to Maldives.

“China-Maldives cooperation in the financial sector will be taken to new heights, and the future of our relationship will be even brighter,” he said.

BML Managing Director and CEO Mohamed Shareef highlighted that customers can now link their Visa or MasterCard debit and credit cards to China’s WeChat Pay, allowing them to “pay like a local” in China.

Customers can also deposit directly into yuan wallets, transfer funds, send telegraphic transfers (TTs) in yuan, and receive inward remittances.

The China-Maldives FTA, signed in 2014 and implemented in January 2024, eliminates duties on a wide range of goods. The government earlier projected bilateral trade to rise from USD 700 million to USD 1 billion under the agreement.