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About 14% people carry no cash in China

The report also said that 84 percent of people in China said they are “comfortable” going out with only mobile phones, no cash.

Boris Sullivan

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About 14 percent people don’t carry any cash when they go out, as mobile payments replace wallets in China, French market research firm Ipsos reported Tuesday.

Another 26 percent consumers carry less than 100 yuan and about 74 percent said they can survive for over one month with only 100 yuan cash in their pocket, the report said.

The report also said that 84 percent of people in China said they are “comfortable” going out with only mobile phones, no cash.

Non-bank payment organizations handled a total of 97 billion mobile payment transactions from 2013 to 2016, with over 195 percent annual compound growth rate, according to China Payment and Clearing Association.

Chinese banks dealt with 8.6 billion payments from mobile services in Q2, up 40.5 percent from a year ago, the People’s Bank of China said.The combined value of mobile payments jumped 33.8 percent to 39.24 trillion yuan ($6 trillion) and online transactions through non-bank payment platforms came in at 31.49 trillion yuan, rising 34.9 percent from the same period last year, Xinhua reported.

Source: About 14% people carry no cash in China[1]- Chinadaily.com.cn

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Thai Baht currency control mulled by central bank

The Industry Minister proposed measures to help business owners, such as the promotion of Thai Baht as a currency for international trade to reduce the risks from US Dollar currency fluctuation

National News Bureau of Thailand

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BANGKOK, 15th August 2019 (NNT) – The Minister of Industry has held talks with the Bank of Thailand’s Governor over measures to control the fluctuation of Thai Baht currency, minimize impacts faced by SMEs and promote the import of machinery during this time to take advantage of the stronger currency.

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Banking

Thailand’s dangerous debt addiction

Thailand is now a top-ten highest household debt country among 89 countries worldwide and third highest among 29 Asian countries.

Olivier Languepin

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Thailand’s household debt has steadily increased to 78.6% of the country’s gross domestic products (GDP), or Bt12.8 trillion in the fourth quarter of last year, according to figures from the National Economic and Social Development Council.

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Banking

Thailand’s four challenges : Debt, inequality, plastics and climate change

Thais tended to get into debt faster, for longer and for higher amounts. Indebtedness starts as soon as they begin to work at age 25 and can increase until 56 years old.

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Bank of Thailand Governor Veerathai Santiprabhob, in his speech entitled “Formulating for the Future of Corporate Governance”, delivered at the Finance and Beyond National Director Conference 2019 in Bangkok (July 24th), said Thailand faces four challenges that require good governance in businesses to address.

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