Krung Thai Bank joins hands with partnering Chinese Banks to serve customers in financial remittance by Yuan currency for import-export businesses with China.
Krung Thai Bank Executive Ms Kittiya Tothanakasem cited that the Chinese government made permission on Yuan currency transaction for international trade with Chinese companies in particular areas in China.
Krung Thai Bank realizes on the potential of Thai-Chinese business development and the opportunities of Thai operators to enhance their businesses in Chinese market. It thus cooperates with partnering Chinese Banks to allow the remittance with Yuan currency in several channels such as Letter of Credit and Bill of Collection.
According to the latest report from Kasikorn Research Center (KResearch), Thai exports to the People’s Republic of China in the first quarter of 2010 expanded by 70%. The overall export figure in March is reported to be higher than February by 11%. Exports to China hence can greatly support the whole export sector of Thailand to improve despite the risk from the ongoing domestic political upheaval.
In addition, Thai exports to China are expected to have plenty of rooms to grow in 2010 because of the incessantly growing economy of China and the tariff reduction to 0% following the ASEAN-China Free Trade Agreement (FTA). The mentioned factors are believed to help facilitate wider access of Thai exports to the Chinese market.