BOT:Yuan inclusion in SDR should benefit Sino-Thai trade

BANGKOK, December 2 (TNA) - The Bank of Thailand (BOT) has prepared for the inclusion of China's yuan or renminbi in the US-based International Monetary Fund (IMF)'s reserve-currency basket, known as the Special Drawing Right (SDR), believed to also help boost Sino-Thai trade. BOT Governor Veerathai Santiprabhob told journalists on Wednesday that international markets had earlier expected the IMF's inclusion of renminbi into its SDR because the Chinese economy has been growing steadily with yuan increasingly used. Veerathai stressed that BOT has prepared for the change by, for instance, opening an office in Beijing, investing in renminbi-denominated bonds and having renminbi as part of Thailand's foreign exchange reserves. Besides, Veerathai assessed that renminbi should play greater roles in global trade and investment and more Chinese investors should arrive in Thailand. However, the new governor said, BOT will spend some times considering if Thailand should raise the proportion of renminbi in its foreign exchange reserves, noting that there is still time for the adjustment because the inclusion in SDR will take effect in October 2016. (TNA)