BoT signs US dollar link deal with HK | Bangkok Post: business

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BoT signs US dollar link deal with HK

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The Bank of Thailand joined hands with the Hong Kong Monetary Authority yesterday to establish a cross-border payment link to support real-time transactions between the baht and US dollar. 

The Payment versus Payment (PvP) link will connect Thailand's BahtNet high-value transfer network with Hong Kong's US dollar RTGS (real-time gross settlement) system. The system is expected to be launched in July 2014.

"The new development will eliminate the risk of foreign exchange transactions whereby a market player delivered the currency it sold but does not receive the currency it bought," said the Bank of Thailand in a statement.

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