Thailand, China Need to Agree on Currency for Rail Project — Market Talk

1030 GMT [Dow Jones] The much-awaited Thailand-China rail system project may be one step closer to the start of the construction when officials from both countries meet for the 13th time at the end of August to discuss more details, especially the sources of investment funds, says the Thai Finance Ministry. “The financing of the project remains to be discussed,” adds Suwit Rojanavanich, director general of the public debt management Office at the ministry. “China has proposed the use of yuan because they will benefit from a lower cost, but we [Thailand] prefers the dollar because we can more conveniently perform a swap as the Chinese yuan remains a new member of the [basket of] major currencies where the dollar is a big brother.” (nopparat.chaichalearmmongkol[a]; Twitter: [a]nopbkk)

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