The Bank of Thailand is unlikely to cut interest rates below the current 1% without a major economic shock and expects borrowing costs eventually to move higher as policy normalizes, according to Deputy Governor Piti Disyatat.

Visa (NYSE:V) has received approval from the People’s Bank of China (PBOC) to begin preparations for establishing a domestic bankcard clearing institution, marking an important regulatory development in the US payments company’s efforts to expand its operations in China.