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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