China and Maldives have signed an agreement to promote transactions and direct investments in local currencies.
The Economic Ministry said the Memorandum of Understanding (MoU) will facilitate smoother trade and investment relations between the two countries
"This framework agreement is expected to facilitate more efficient currency settlements in local currencies, enhancing convenience for traders engaged in imports from China and promoting increased cross-border investments between the two countries," the ministry said in a statement.
China remains one of the Maldives' largest trade partners, with bilateral trade of USD 700 million. Additionally, China continues to be the largest source market for tourists to the Maldives.
