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Growth in Asia and the Pacific to accelerate to 4.6 percent this year

According to the latest Regional Economic Outlook published by the International Monetary Fund (IMF), the Asia and Pacific region is exhibiting strong resilience amid prevailing challenges faced by policymakers.

The growth rate for this region is expected to increase from 3.8 percent last year to 4.6 percent this year, primarily due to the reopening of China and surging consumption that is boosting regional growth despite weak demand from other parts of the world. However, there are potential risks to this growth outlook, such as spillovers from greater-than-expected US monetary policy tightening and supply chain disruptions caused by geoeconomic fragmentation.

Despite the positive growth projections, the Asia and Pacific region also faces significant challenges. In the near term, policymakers need to maintain tight monetary and fiscal policies to stabilize public debt and bring inflation back to central bank targets. To manage global shocks, an integrated policy…

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BoT to explore yuan-baht settlement for Thai-Chinese trade

According to a recent report by the Bank of Thailand, China and Thailand are exploring the use of their local currencies for bilateral trade settlements. The aim is to reduce reliance on the US dollar and enhance financial cooperation between the two countries. The report claims that using yuan and baht for trade payments could lower transaction costs, increase efficiency, and facilitate trade flows. It also highlights the potential benefits of developing a cross-border payment system and a currency swap arrangement between China and Thailand.

In January 2021, both countries renewed the Chinese Yuan – Thai Baht Bilateral Currency Swap Arrangement for a period of five years. This arrangement allows for the exchange of local currencies up to RMB 70 billion or THB 370 billion.

Thailand, which depends on China for trade and tourism, is anticipated to gain a lot from the country’s reopening, according to a World Bank’s East Asia and Pacific Economic Report.

A risky…
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