Chinese bank appointed Yuan clearing bank in Thailand

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BANGKOK, Jan 7 —  The Industrial and Commercial Bank of China (ICBC) has been named as the official yuan clearing bank in Thailand, according to the Bank of Thailand (BoT).

The Thai central bank said the People’s Bank of China (PBC) appointed ICBC (Thailand) PCL as the yuan clearing bank yesterday.

The appointment of the yuan clearing facility for Thailand is in line with the memorandum of understanding between Thailand and China signed in Beijing by the central banks of botho countries on December 22.

The yuan clearing bank will help financial institutions in Thailand in settlement services in yuan, also known as the renminbi. Previously the service was mostly handled by corresponding banks in China.