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The Bank of Thailand (BoT) has announced that it will relax the rules on the use of China’s yuan for trade transactions this year.

This move is aimed at helping Thai exporters and importers reduce the impact of currency volatility and promote the use of local currencies in bilateral trade.

According to BoT deputy governor Mathee Supapongse, the BoT is in talks with the People’s Bank of China (PBoC) on how to facilitate and encourage the use of the yuan for trade settlements. He said that China is Thailand’s major trade partner, accounting for about 12% of Thailand’s total trade value in 2022, but the payments in local currencies are still low, at around 2%.

Mathee added that there will be no problem with the supply of yuan for trade purposes, as both countries have a swap line agreement that allows them to exchange up to 70 billion yuan or 370 billion baht. He also said that the use of yuan should not be seen as a threat by the US, as the Chinese currency …

The amended Public Service Act, which was signed into law by President Rodrigo Duterte in March 2023, aims to attract more foreign capital and technology to improve the quality and efficiency of public services in the country.

Public services are activities that serve the common good of the people, such as transportation, communication, water supply, electricity, and postal services. Under the previous law, public services were considered as public utilities, which were subject to constitutional restrictions on foreign ownership. Only Filipino citizens or corporations with at least 60 percent Filipino equity could operate public utilities.

Read the rest of Philippines opens public services sector to 100% foreign investment on Thailand Business News

Thailand’s consumer confidence index (CCI) reached a 38-month high in April 2023, according to a survey conducted by the University of the Thai Chamber of Commerce (UTCC).

The survey, which interviewed 2,238 respondents across the country, revealed that consumers’ outlook on current and future economic conditions, job prospects and income expectations improved significantly, thanks to several factors such as:

A rebound in tourism, as Thailand beat its target for tourist arrivals in the first quarter, recording 6.15 million visitors in the January to March period. The Tourism Council, an industry body, said at least 30 million tourists were expected to visit the country this year and spend 1.5 trillion baht (USD 43.74 billion). A reduction in petrol prices, which eased consumers’ cost of living and boosted their purchasing power. A hotel subsidy scheme, which encouraged domestic travel and stimulated spending on accommodation and related services. …

Read the rest of Google Bard AI Chatbot Now Available in Thailand on Thailand Business News

The country, which is the second-largest exporter of rice in the world, has asked its farmers to plant only one crop this year, instead of the usual two, to conserve water and avoid crop failure.

The country, which is the second-largest exporter of rice in the world, has asked its farmers to plant only one crop this year, instead of the usual two, to conserve water and avoid crop failure.

Rice is a staple food for more than half of the world’s population, and any disruption in its supply or price can have significant consequences for food security and inflation. According to the Bangkok Post, Thailand’s Office of the National Water Resources has developed a plan to manage the water levels in the country’s dams and reservoirs, and has urged farmers to cooperate with the authorities and follow their advice.

This article was originally published here: El Nino might cut Thailand’s rice harvest

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According to an ADB report, the majority of the significant Southeast Asian emerging markets' outstanding foreign debt securities have been denominated in dollars for the past few years.

This article was originally published here: BoT to explore yuan-baht settlement for Thai-Chinese trade

Read the rest of BoT to explore yuan-baht settlement for Thai-Chinese trade on Thailand Business News

The investment is part of PTT's net-zero strategy, which aligns with the Thai government's targets of carbon neutrality by 2050 and net-zero emissions of greenhouse gases by 2065

This article was originally published here: Green Hydrogen: A New Frontier for Thailand and Saudi Arabia

Read the rest of Green Hydrogen: A New Frontier for Thailand and Saudi Arabia on Thailand Business News