Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.