HK-Thailand RMB Business Forum

The 2nd Renminbi (RMB) Business Forum was held in Bangkok, Thailand today (26 November).  The Forum, facilitated by the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT), was attended by Hong Kong banks and more than 200 representatives from public institutions, corporates, banks, asset management and insurance companies in Thailand. 

Co-hosted by Mr. Vincent Lee, Executive Director of the HKMA, and Ms Chantavarn Sucharitakul, Assistant Governor of the BOT, the Forum discussed the recent developments and outlook for RMB internationalisation and the new business opportunities for financial institutions and corporates. Senior representatives from banks and a corporate in Thailand joined the panel discussion to exchange views on RMB business following exciting developments in both markets, which included the launch of the Shanghai-Hong Kong Stock Connect and the Mutual Recognition of Funds schemes in Hong Kong, the establishment of the RMB clearing bank in Thailand in early 2015, and the inaugural issuances of RMB bonds by a Thai bank and a local corporate respectively during the year.  

The Forum also discussed the increasing use of the RMB in trade settlement and ways to further strengthen the RMB business linkages between Hong Kong and Thailand.  According to SWIFT, around 25% of SWIFT payments between Mainland China and Hong Kong on the one hand and Thailand on the other are currently denominated in the RMB, nearly doubled from 13% in 2012.

The HKMA and the BOT will continue to work together to promote awareness of the growing international use of the RMB. 

Hong Kong Monetary Authority
Bank of Thailand
26 November 2015