Rise of the Yuan: Bank of Thailand Encourages Trade in Chinese Currency

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.

Read the full story here.

 

 

China Destroys 6.1 Tons of Illegal Ivory

In 2012, up to 36,000 elephants were killed for their ivory. 

For this first time, on Monday 6 January, China publicly demonstrated how they are supporting stopping the illegal ivory trade by destroying 6.1 tons of seized illegal ivory reports Xi Hua Net. 

Governments across the world are being called on to make the illicit ivory trade and wildlife crime a priority issue, to make a financial commitment to security enforcement and to impose a complete ban on all ivory sales.

As Thailand lawyers, we were proud to take part in the recent save the elephant march which was held in Bangkok  towards the end of last year.

Watch the footage here:

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Flickr photo credit: sarahemcc

Stop The Ivory Trade: Bangkok's March For Elephants

Bangkok joined in the International March for elephants on 4 October. Around 20 cities joined in worldwide as part of an awareness campaign run by the David Sheldrick Wildlife Trust.

Ivory can be seen in many places around Bangkok and the rest of Thailand for sale. It is often intimated that ivory only comes from elephants that are already dead, but this is not the case. Every fifteen minutes, another elephant is killed so poachers can use their tusks.

Here is footage from the march highlighting this very important issue:

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Thailand’s Dog Smuggling TradeThailand’s New Cat Smuggling TradeWildlife Smuggling in Thailand: A Matter of ConvenienceThailand’s Dog Meat and Skin Trade