国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Markets

China to start direct yuan-euro trade

(Xinhua) Updated: 2014-09-30 09:25

China to start direct yuan-euro trade

Photo taken on March 16, 2014, shows yuan (central) and other currencies in the picture. [Photo/IC]

SHANGHAI - China will allow direct trading between the yuan and the euro from Tuesday, according to a central bank statement on Monday.

The People's Bank of China (PBOC) website on Monday said that direct yuan-euro trade would reduce exchange costs and it will actively support direct trading.

Trade between China and Europe in the first half of this year reached $291 billion, up 12 percent year on year, according to the Ministry of Commerce. The China Foreign Exchange Trading System already offers yuan trade against the euro but only through the US dollar as an intermediary.

The direct trade is a major development for the internationalization of the Chinese currency, said Ryan Song, head of markets for China at HSBC, one of the first batch of market makers.

The yuan has become the seventh biggest payment currency and the ninth biggest transaction currency in the world but it only accounts for 1.4 percent and 2.2 percent of the world's daily foreign exchange settlement and trading volume respectively, said Zhang Maorong, a researcher with the China Institutes of Contemporary International Relations.

"There is great potential for the internationalization of the Chinese currency," said Zhang.

The government keeps a tight grip on the capital account but is gradually relaxing its hold on the yuan, making it a global reserve currency.

China is under pressure to diversify its foreign exchange reserves-the world's largest - which stood at nearly $4 trillion at the end of June.

Currency swaps with foreign governments have increased overseas circulation of the yuan and in June direct trading began between the yuan and Britain's pound.

Direct onshore trade is allowed in a number of currencies, including the Japanese yen, Australian dollar, New Zealand dollar, Malaysian ringgit and Russian ruble.

China to start direct yuan-euro trade

China to start direct yuan-euro trade 

Europe helps boost yuan use internationally Putin looks to RMB to replace greenback

 

Hot Topics

Editor's Picks
...
...
盐山县| 秦安县| 大安市| 永嘉县| 泰顺县| 绩溪县| 本溪| 曲麻莱县| 额敏县| 钟山县| 徐州市| 鄯善县| 资中县| 青田县| 久治县| 威海市| 鄂托克前旗| 巨野县| 津南区| 新宁县| 林西县| 云安县| 通化县| 阳西县| 邮箱| 高要市| 双牌县| 大厂| 利津县| 洱源县| 甘南县| 宜州市| 西藏| 五常市| 谷城县| 拉萨市| 永丰县| 凤翔县| 论坛| 龙江县| 无为县|