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More yuan denominated transactions in Asean-China Free Trade Area

The role of the yuan will be augmented next year following implementation of the China-Asean Free Trade Area, creating a market of almost 2 billion people, Bank of Thailand Governor Tarisa Watanagase told The Nation in a special interview. Asean statistics show the trade value between the regional grouping and China increased from US$59.6 billion (Bt1.98 trillion at today’s rate) in 2003 to $171.1 billion in 2007, a growth rate of about 30 per cent a year.

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The role of the yuan will be augmented next year following implementation of the China-Asean Free Trade Area, creating a market of almost 2 billion people, Bank of Thailand Governor Tarisa Watanagase told The Nation in a special interview. Asean statistics show the trade value between the regional grouping and China increased from US$59.6 billion (Bt1.98 trillion at today’s rate) in 2003 to $171.1 billion in 2007, a growth rate of about 30 per cent a year.

The centralbank chief was quick to add that the increasing role of the yuan will be gradual, as China still had to meet several challenges – from allowing its currency to be fully convertible and liberalising its financial markets to improving transparency in its rules and regulations.

Dollar downtrend send asian currencies to the top

Dollar downtrend send asian currencies to the top

“We expect to see more yuandenominated transactions next year after the introduction of the freetrade area between China and Asean,” said Tarisa.”The freetrade area provides opportunities and challenges for us. Instead of dealing with only a Thai market of 67 million people, we can have a larger market of 600 million people in Asean and close to 2 billion people in Asean and China combined.”

via More yuan denominated transactions in Asean-China FTA

Tech

Global fashion e-tailer Shein launches new hub in Singapore

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Shein has websites for Singapore, Indonesia, Thailand, Vietnam, and the Philippines and has plans to create a standalone website for Malaysia too.

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Singapore

How Businesses in Singapore can Reduce Overhead Costs During the Pandemic

The government is expected to draw on S$53.7 billion (US$40 billion) from its reserves for this year and an additional S24 billion (US$17.8 billion) over the next three years to assist local companies transition into a post-pandemic business environment.

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How Businesses in Singapore can Reduce Overhead Costs During the Pandemic

Singapore’s government has provided an array of fiscal and non-fiscal incentives to help businesses reduce their overhead costs during the pandemic.

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