1. Hello Guest Do you know binary.com offers exclusive $20 No Deposit Bonus for FX Binary Point visitors? Click here to sign up

China said to consider yuan-Swiss franc direct trading link - Bloomberg

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Joined:
    Oct 7, 2015
    Messages:
    27,524
    Likes Received:
    0
    FXStreet (Mumbai) - As reported by Bloomberg, the People’s Bank of China (PBOC) is planning to start direct trading between the yuan and the Swiss franc.

    Thus, the Swiss franc would become the seventh major currency to be exchangeable directly for yuan in Shanghai, joining the US, Australian and New Zealand dollars, the British pound, the Japanese yen and the euro.

    China is accelerating efforts to bolster global yuan usage before an International Monetary Fund (IMF) review of its reserve- currency basket next month.

    Earlier this year, the PBOC extended Switzerland a 50 billion yuan ($7.9 billion) quota under the Renminbi Qualified Foreign Institutional Investor program, which allows yuan raised offshore to be used to buy securities in China’s domestic markets.
    For more information, read our latest forex news.
     

Share This Page