Bangkok Bank boosts Thai-China trade with new CNY services

Bangkok Bank launched a range of China Yuan  transaction services to help serve the expansion of trade and investment between Thailand and China.

The CNY trade services being offered include letters of credit, funds transfers, currency exchange and foreign currency deposit accounts.

Bangkok Bank Senior Vice President and Global Payment Services Manager Mr. Thanit Sirichote said China is an important trade partner of Thailand and the Renminbi is becoming more prominent as a major currency. The bank’s full range of trade services in CNY includes letters of credit, international funds transfers, forward transaction, currency exchange and foreign currency deposit accounts to enhance customers’ investment and trade with China.

“The CNY deposit account of Bangkok Bank will help our customers to reduce exchange risk and this will be useful for those in the import-export business or with offices or branches in China. It means customers can make and receive payments without having to use the US dollar as an intermediary currency. The service will be particularly useful for customers at Bangkok Bank’s branches in Thailand and Hong Kong, as well as customers of Bangkok Bank, which has a full range of banking services.”

The CNY is the latest addition to the bank’s suite of Foreign Currency Deposit Accounts, which already offer 13 currencies, more than any other commercial bank in Thailand.