Fudian Bank Co., Ltd has formally started RMB-to-Baht direct exchange since November 30.

The bank has started RMB-to-Baht financial services, including: international settlement and exchange for Baht. The services are expected to promote the economic and trade development between China and Thailand. A worker in the international business department said, “Most of the settlement between RMB and Baht were based on U.S. dollar before. The appreciation of RMB to US dollar shows a long-term trend. This will cause risks.”

It is unnecessary to settle in RMB and Baht in the third currency. The direct exchange will help to cost less in the currency settlement. It also lows down risks. Enterprises and individuals in China and Thailand will benefit.

According to statistics, in the three quarters of this year, enterprises of Yunnan have invested 430 million U.S dollars in Myanmar, Laos, Vietnam, Cambodia and Thailand. Besides of trade and overseas investment, individuals also demand great deal of Thailand Baht. Most individuals use Baht on traveling.

Fudian Bank Co. Ltd will first start the exchange services in its branches Kunming, later, in more than 90 branches in China. The company will establish branches in Ruili, Hekou, Xishuagnbanna, Baoshan, Lincang, Tengchong and so on, providing convenience to local enterprises and individuals.

Fudian Bank Co. Ltd has been established since December 30, 2007. It is a provincial level joint-stock commercial bank in Yunnan Province.