ID :
144087
Tue, 09/28/2010 - 18:49
Auther :
Shortlink :
http://m.oananews.org//node/144087
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Bank of Thailand to open representative office in Beijing
BANGKOK, Sept 28 - The Bank of Thailand (BoT) on Tuesday signed an agreement to open a representative office in Beijing.
The agreement was made between BoT Governor Tarisa Watanagase and People's Bank of China (PBC) Governor Zhou Xiaochuan to foster relations between the two countries and strengthen cooperation in the financial sector.
China's economy is the world's second largest and has become Thailand's main trading partner. According to the BoT governor, Thailand's exports to China have higher than to any other country, representing 11 per cent of total exports.
The BoT's representative branch in Beijing will officially open in the first half of next year. The Thai central bank office will be its third in a foreign country, after New York and London in 1990 and 1993, respectively.
As a big country like China manages its policy that connects the Asian region and the world economy, BoT supports the private sector using a local currency such as the yuan to pay for goods and services.
Ms Tarisa said the yuan is not as popular, however, as the US dollar and the discrepancy of the yuan's exchange rate is higher than other currencies.
There are currently many financial institutions acting as agencies for yuan transactions, such as the Bank of China, Bangkok Bank and the Krung Thai Bank (KTB) in Thailand, and Hongkong and Shanghai Banking Corporation Bank (HSBC).
The Chinese authorities will also allow some companies to use yuan transaction in some cities and will later expand it to other cities. (MCOT online news)
The agreement was made between BoT Governor Tarisa Watanagase and People's Bank of China (PBC) Governor Zhou Xiaochuan to foster relations between the two countries and strengthen cooperation in the financial sector.
China's economy is the world's second largest and has become Thailand's main trading partner. According to the BoT governor, Thailand's exports to China have higher than to any other country, representing 11 per cent of total exports.
The BoT's representative branch in Beijing will officially open in the first half of next year. The Thai central bank office will be its third in a foreign country, after New York and London in 1990 and 1993, respectively.
As a big country like China manages its policy that connects the Asian region and the world economy, BoT supports the private sector using a local currency such as the yuan to pay for goods and services.
Ms Tarisa said the yuan is not as popular, however, as the US dollar and the discrepancy of the yuan's exchange rate is higher than other currencies.
There are currently many financial institutions acting as agencies for yuan transactions, such as the Bank of China, Bangkok Bank and the Krung Thai Bank (KTB) in Thailand, and Hongkong and Shanghai Banking Corporation Bank (HSBC).
The Chinese authorities will also allow some companies to use yuan transaction in some cities and will later expand it to other cities. (MCOT online news)
