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Direct yuan-euro trading to start [Copy link] 中文

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Post time 2014-9-30 21:42:44 |Display all floors
CHINA would begin direct trading between the yuan renminbi and the euro starting today, the national foreign exchange market’s operator said yesterday,
Direct trading meant the dollar would no longer be used as an intermediary currency to calculate rates. In June China started direct trade between the yuan and Britain’s pound, and in recent years has added Japan’s yen, the Australian dollar, the New Zealand dollar and Malaysian ringgit and Russian ruble.
"Direct trading brings together the RMB with the world's second-most actively traded currency and is a significant step in (the) RMB's globalisation,'' said Ryan Song, head of markets for China at British bank HSBC, which is acting as a market maker for the new pair. The Chinese currency overtook the Euro last october to become the second most used currency in trade finance according to SWIFT.
http://paper.thestandard.com

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Post time 2014-10-1 14:25:33 |Display all floors
盡忠報國

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Post time 2014-10-1 14:54:54 |Display all floors
How great the news is!
There is one spectacle grander than the sea, that is the sky; there is one spectacle grander than the sky, that is the interior of the soul.-Victor Hugo

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Post time 2014-10-2 03:50:46 |Display all floors
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Post time 2014-10-2 04:10:27 |Display all floors
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Post time 2015-11-12 12:09:14 |Display all floors
jordan_c_fan Post time: 2014-10-2 04:10
The out-cum of the direct Yuan-euro trading will be the creation of a whole bunch of Britchish Fet ...

It took the USD around four decades to replace £ as a global reserve currency.

Among them are the Euro  which started Oct 2014, the £ - Aussy and Kiwi $ - Jap Yen, the Russian Rubel and the latest newcomer is; the Swiss Franc in direct trade with Switzerland making the CHF the seventh major currency that can bypass a conversion into the U.S. dollar and be directly exchanged for yuan.

And please be aware, in English, 'euro' and 'cent' should not be capitalized.....

In Asia, they're Malaysia's ringgit, Singapore dollar.

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Post time 2015-11-24 18:28:46 |Display all floors
emanreus Post time: 2015-11-12 12:09
It took the USD around four decades to replace £ as a global reserve currency.

Among them are th ...

Being the global reserve currency has a downside-likely big trade deficits and as a consequence, higher domestic unemployment.
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