On December 22, 2014, the PBC and the Bank of Thailand (BOT) signed the Memorandum of Understanding on the Establishment of RMB Clearing Arrangements in Thailand. Later on, a RMB clearing bank will be designated in Bangkok. On the same day, the PBC and the BOT also renewed the RMB-Thai Baht Bilateral Swap Agreement. The size of the renewed swap facility is 70 billion yuan/370 billion Thai Baht. The Agreement is valid for three years and can be extended with mutual consent.

Representing new progress in China-Thailand financial cooperation, the above measures will make it easier for enterprises and financial institutions to use RMB in cross-border transactions, and facilitate bilateral trade and investment.