On January 6, 2020, under the authorization of the State Council, the People's Bank of China (PBC) signed a bilateral agreement with Bank of the Lao P.D.R. (BOL) on local currency cooperation, allowing local currency settlement under all liberalized current and capital account items of the two countries.
The agreement between the two central banks is conducive to further strengthening bilateral currency and financial cooperation, promoting local currency use between the two countries, and facilitating trade and investment.