08/29/2012, 00.00
CHINA - ASEAN
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By 2015 Yuan could be main currency of South East Asia, replacing the dollar and euro

Trade between the ASEAN and China is increasingly using the Chinese currency. Its use will grow by 2015, when ASEAN becomes a free trade area. The use of dollar and euro decreases, due to the economic crisis of the West.

Beijing (AsiaNews / Agencies) - The Yuan, the currency of China, could be used as an alternative to the U.S. dollar and the Euro in trade between the countries of Southeast Asia. At a seminar held at the end of last week in Beijing on the financial and commercial relations between Thailand and China, Phathanaphong Phusuwan, High Representative of the Bank of Thailand said that the Yuan is now increasingly used in relations between China and ASEAN members ( the Association of South-East Asian countries).

ASEAN includes Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar, Cambodia. In 2015 it will become a free-trade zone, an economic community. Referring to that date, Phathanaphong Phusuwan added: "Looking ahead, from 2015 onwards, there will be a large increase in trade in Asia, thanks to the free trade agreement between ASEAN and China, which will influence the use of Yuan and local currencies. The Yuan is a good alternative for the future of international trade. "

The Chinese currency is seen as a good substitute for the U.S. dollar and the Euro because of the many unresolved economic and financial problems of the United States and the European Union.

Following an easing of restrictions by the Chinese government, the use of the Yuan is spreading more and more in ASEAN countries, especially Thailand. Dozens of Thai banks and branches of foreign banks offer services in Yuan (foreign currency deposits, foreign exchange, fund transfers, purchase of Chinese currency).

According to a report by the Bank of Thailand in the first six months of 2012, the Yuan was used in at least 10.8% of business operations with China.

 

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