China’s interbank foreign exchange market will kick off direct trading between Chinese yuan and Singapore dollar next week, sources with direct knowledge of the matter told Reuters on Wednesday.
The latest step will facilitate investment and bilateral trade between the two countries by helping lower foreign exchange conversion costs, while promoting the usage of both yuan and Singapore dollar in trade, sources said.
China has already launched direct yuan trading with major currencies, including the euro, sterling, yen and Australian dollar.
Officials at the China Foreign Exchange Trade System declined to comment when contacted by Reuters.
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