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CUSTODY & CLEARING | Cesar Tordesillas, Thailand

Bangkok Bank wants broader use of Yuan as settlement currency

Bangkok Bank is awaiting once China's central bank approval to allow yuna to be used as a settlement currency.

It expects to issue yuan-denominated bonds soon.

Chartsiri Sophonpanich, president of Bangkok Bank, said the yuan would eventually play a crucial role in Asia, and the People's Bank of China was now attempting to make it a settlement currency so as to provide more convenience to traders.

Bangkok Bank at present uses its branches in Shanghai, Beijing, Xiamen and Shenzhen to provide yuan-denominated loans for trade finance between Thai and Chinese customers.

Chartsiri said the Chinese government is developing the financial infrastructure in order to facilitate wider use of the currency in the future.

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