ICBC wants Thai arm to promote use of yuan

China's strategy to strengthen yuan globally.

Included is Industrial and Commercial Bank of China desire to increase the use of the yuan between Thai and Chinese customers through retail products and "dim sum" bonds.

The group wants ICBC (Thai), its arm in Thailand, to play a role in supporting the use of the currency among Thai and Chinese counterparts, in line with growing trade volume between the two economies, said Ye Hu, chairman of ICBC (Thai).

The rising annual trade volume between China and Thailand presents an opportunity for the bank to expand yuan-currency products and services to support local and global Thai business, as well as Chinese business, he said.

In light of fluctuations in the US dollar and the euro, the yuan is now the settlement currency between Chinese businesses and their foreign counterparts in some countries.

ICBC (Thai) currently facilitates corporate finance for Chinese and Thai investors in the two countries, and provides debit cards to Thai customers with activities in China.

"To increase yuan transaction levels among the two countries, we have to have more retail products in Thailand.

We are launching our first credit card in Thailand by the end of the year," he said.

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