BEIJING - The state-owned Industrial and Commercial Bank of China (ICBC) will conduct renminbi clearing business in Bangkok, Thailand, China's central bank said Tuesday.

The authorization came after agreement between the two central banks. On Dec 22, the two extended a currency swap agreement worth 70 billion yuan ($11.4 billion).

The ICBC Thailand branch has been the largest Chinese bank in the country since it acquired ACL Bank in 2010.

Renminbi clearing overseas has become a driving force behind the globalization of the yuan. Clearing is now authorized in Hong Kong and Macao, as well as in Doha, Frankfurt, Kuala Lumpur, London, Luxembourg, Paris, Seoul, Singapore, Sydney and Toronto.

Founding member of ASEAN, Thailand is China's third largest trading partner in the association, with bilateral trade over $71 billion in 2013.