China, Thailand ink MOU to enhance local currency use

They will also promote cross-border payment and settlement.

Thailand and China have inked a memorandum of understanding (MOU) aimed at enhancing the accessibility and efficiency in local currency usage and to promote its broader adoption.

This includes the promotion of local currency usage as well as cross-border payment and settlement, the Bank of Thailand (BOT) said in a statement.

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BOT governor Sethaput Suthiwartnarueput met with Pan Gongsheng, governor of the People’s Bank of China (PBOC) inked the MOU.

Both governors and their delegations met in Beijing on 21 May 2024 to discuss the details of the cooperation, which include strengthening banking and financial cooperation between the two countries.