China is Thailand’s
number one trading partner, and now Thai businesses are being encouraged to use
the yuan in trade and investment, according to The Nation.
The Bank of Thailand recently expressed public support of
using the Chinese currency at a bank seminar.
The Nation cited Chantavarn Sucharitakul, BOT assistant
governor for the Financial Markets Operations Group, as saying “the BOT
believed that the use of the yuan would provide more options in term of
payments when doing business with China.”
Several of the benefits reported by The Nation of businesses
trading with China in yuan
include better exchange rates and lower prices because of lower risk, more
opportunity for trade with small and medium enterprise in China, and faster
payments from Chinese importers.
The Thai company attorneys at Chaninat and Leeds are experienced professionals assisting with company registration and business litigation in Thailand.
Thailand’s
trade with China
increased from $57 billion USD in 2011 to $65 billion in 2013, and the
international influence of the yuan is increasing as well according to a May
SWIFT report.
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