China to allow direct trade of yuan with Swiss franc

AFP, SHANGHAI: China’s national foreign exchange market will introduce direct trading of the Swiss franc, the operator said yesterday, as the country pushes greater international use of its yuan currency.
Trading of the Switzerland currency against the yuan begins on Tuesday, the China Foreign Exchange Trade System said in a statement on its website. Direct trade increases efficiency and cuts transactions costs as deals do not use a third currency like the US dollar.
The country’s foreign exchange market already hosts direct trading of a number of currencies, including the Singapore dollar, the euro, Britain’s pound and the New Zealand dollar among others.
China is seeking to promote the yuan—also known as the renminbi (RMB) -- as a global reserve currency alongside the dollar, an ambition that depends on its willingness and ability to loosen tight restrictions on the currency’s trade.

China to allow direct trade of yuan with Swiss franc

AFP, SHANGHAI: Chinas national foreign exchange market will introduce direct trading of the Swiss franc, the operator said yesterday, as the country pushes greater international use of its yuan currency. Trading of the Switzerland currency against the yuan begins on Tuesday, the China Foreign Exchange Trade System said in a statement on its website. Direct trade increases efficiency and cuts transactions costs as deals do not use a third currency like the US dollar. The countrys foreign exchange market already hosts direct trading of a number of currencies, including the Singapore dollar, the euro, Britains pound and the New Zealand dollar among others. China is seeking to promote the yuanalso known as the renminbi (RMB) -- as a global reserve currency alongside the dollar, an ambition that depends on its willingness and ability to loosen tight restrictions on the currencys trade.