|09-29-2014, 02:48 PM||#1|
Yuan to start direct trading against Euro in interbank market
The People’s Bank of China said on Monday that direct trading between the yuan and the euro in the interbank foreign exchange market will start tomorrow.
The yuan will now be eligible for direct exchange against six major currencies, including the euro, U.S. dollar, the British Pound, Australian and New Zealand dollars and the Japanese yen.
Under the terms of an agreement signed in October 2013, the European Central Bank will be now able to draw on a maximum 350 billion yuan (45 billion euro) swap line from the People’s Bank of China.
Separately, HSBC Holdings Plc said it has received regulatory approval to be among the first market makers when trading begins in China’s market.
The move will help lower foreign exchange transaction costs as well as promoting the use of the yuan and the euro in bilateral trade and investment, a statement by China’s central bank said on Monday.
The China central bank is trying to spur further the internationalization of the yuan and is seeking a role in global trade and investment for its currency as the government continues to loosen controls on exchane rates and borrowing costs in China.
The move shows the desire of the Chinese central bank to boosted China`s international trade as it increases the attractiveness and competetivness of selling to and buying goods from China.
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