RSS Feed
July 28th, 2014 
FAKE NEWS for the Zionist agenda 
nsnbc: The Bank of Thailand and the Hong Kong Monetary Authority, today, jointly announced the official launch of their new cross-border payment-versus-payment link. The link new link facilitates Thai baht and US dollar settlements between the two markets.
The HKMA previously established a similar link with Malaysia and Indonesia and the HKMA is prepared to also consider the establishment of a yuan – baht link with Thailand once the demand is high enough.
These announcements come only ten days after the BoT encouraged Thai investors and traders to gain a better understanding of the use of the Chinese yuan, as Beijing is rapidly deregulating regulations regarding the use of its currency.
Thai banks can utilize the newly launched PvP scheme as an efficient and secure alternative to settle their US dollar and Thai baht (THB) foreign exchange transactions and as reliable mechanism for mitgating FX settlement risk, reports Thailand’s The Nation.
The PvP link is established between Hong Kong’s US dollar real time gross settlement (RTGS) system and Thailand’s Thai baht RTGS system (BAHTNET).
The establishment of the link was first announced on July 15, 2013, a little over one year ago. The system is operated in Thailand, by BoT, and in Hong Kong by the Hong Kong Interban Clearing Limited (HKICL). The latter operated the interbank clearing systems in Hong Kong and is equally owned by the HKMA and the Hong Kong Association of Banks.
BRICS Summit 2014. Photo courtesy EPA
The Nation quotes the Deputy Chief Executive of the HKMA, Peter Pang, as saying:
This new PvP link provides a safer and more efficient arrangement for the settling of foreign exchange transactions It is our USD RTGS system’s third cross-border PvP link in the Asian region. It has been built based on the proven model of the existing PvP links with Malaysia and Indonesia. The implementation of this link sets another excellent example of central bank cooperation to provide solutions to enhance regional financial stability and meet market needs”.
It is noteworthy that both of these latest developments coincide with the announcement on the capitalization and the launch of the BRICS Development Bank.
The announcement came at the BRICS Summit in Brazil earlier this month. The launch of the BRICS Development Bank and a cohort of high-profile, associated agreements between Brazil, Russia, India, China and South Africa was widely perceived as the most important development in the financial markets since the signing of the Bretton Woods agreement in 1944.
CH/L – nsnbc 28.07.2014
Source Article from http://nsnbc.me/2014/07/28/thailand-hong-kong-launch-cross-border-payment-link/
Views: 0
Posted in 
