Currencies
China driven trade in Asia is pushing up Yuan momentum
The global use of the yuan as a trade settlement currency is clearly on the rise

As China drives intra-Asian trade and economic expansion, trade settlement in its currency is gaining momentum globally.
Stronger domestic consumption and intra-regional trade have emerged as two major drivers of economic growth in Asia. China’s large role in regional growth has led to increasing acceptance of the renminbi RMB in trade settlement, and it could one day become a regional currency, says HSBC.
“The outlook for Asian trade is positive. HSBC forecasts that trade in the region will grow at an average of 5.4% annually from now until 2016. Additionally, between now and 2026, trade in Asia will grow as much as 129%, outpacing global trade growth of 98%,”
said Huynh Buu Quang, the bank’s head of global trade and receivables finance for Asia-Pacific. Intra-regional trade currently accounts for 50% of all trade in Asia Pacific, which is also seeing its share rise rapidly with other emerging markets, Brazil in particular, he said. In 1990, trade in Asia was only about 8% of the global total.

The global use of the yuan as a trade settlement currency is clearly on the rise, and offshore payments are increasingly taking place outside Hong Kong
By 2010 the figure had reached 18%, and HSBC forecasts it will reach 39% by 2030, spurred by rising household incomes and domestic demand.“Trade in Asia, including Asean, is expected grow fast despite the uncertainty we see in Europe and the United States,” Mr Quang said during a recent briefing in Bangkok.
“China will continue to play its central role and yuan settlement will be gaining more momentum throughout the region.”
The global use of the yuan as a trade settlement currency is clearly on the rise, and offshore payments are increasingly taking place outside Hong Kong. China’s total international trade last year was worth US$3.5 trillion and about 10% was settled in renminbi.
Banking
Fitch confirms Thailand’s rating at ‘BBB+’ with a Stable Outlook
Thailand’s ratings are supported by strong public and external finances, which have provided buffers to respond to the economic shock and market volatility associated with the coronavirus pandemic.
Currencies
Asian currencies slip as U.S. jobs data bolsters dollar

Asian currencies faltered on Monday, as a rebound in U.S. payrolls data supported the greenback, offsetting optimism of a Sino-U.S. trade deal and further China policy stimulus.
(more…)Currencies
Most Asian currencies rise as trade war reports boost risk appetites
The Thai baht was largely flat against the dollar

Most Asian currencies firmed on Wednesday as reports of headway in Sino-U.S. trade talks and easing U.S. bond yields prompted buying of regional risk assets.
(more…)-
Forex7 days ago
Leverage from Forex Brokers & How Beginners Can Benefit from It
-
National4 days ago
Human trafficking cases in Thailand hit decade low due to COVID-19
-
Banking6 days ago
Can Fintech drive a strong post-COVID-19 recovery in Asia?
-
Economics4 days ago
Thai economy to grow 4% in 2021 following 6.5% decline in 2020