Thailand to have renminbi clearing bank

Will help boost trade settlements renminbi.

Premier Li Keqiang said China is considering setting up a renminbi clearing bank in Thailand to meet demand for currency settlements between both countries. The bank will encourage more trade settlements in renminbi between businesses from both nations.

The bank will help meet the target annual bilateral trade of US$100 billion between China and Thailand in 2015. A renminbi clearing bank in Thailand will support the increasing circulation of the Chinese currency in Southeast Asian nations.