1. Text: | Print|

      China launches direct trade between yuan, Singapore dollar

      2014-10-27 16:47 Xinhua Web Editor: Qin Dexing
      1

      China on Monday announced direct trading between the renminbi and Singapore dollar beginning Tuesday, marking another step toward internationalizing the Chinese currency.

      The announcement by China Foreign Exchange Trading System (CFETS) extended the yuan's list of direct onshore trade to more major currencies, including the U.S. dollar, the euro, British sterling, Japanese yen, Australian dollar, New Zealand dollar, Malaysian ringgit and Russian ruble.

      The move aims to boost bilateral trade and investment, facilitate the use of the two currencies in trade and investment settlement and reduce exchange costs for market players, the CFETS said in a statement on its website.

      The move is also expected to help Singapore in its bid to become a renminbi offshore center.

      According to the arrangement, China's interbank foreign exchange market will kick off direct trading between the yuan and the Singapore dollar via spot, forward and swap contracts.

      With direct trading of their currencies, China and Singapore will be less dependent on the U.S. dollar to settle bilateral trade and investment deals.

      Previously, the exchange rate between the two currencies was calculated based on the yuan-U.S. dollar central parity rate and the Singapore dollar-U.S. dollar rate.

      Now that the two currencies can be directly traded, the yuan-Singapore dollar rate will be set based on the average prices offered by market makers before the opening of the interbank foreign exchange market.

      The CFETS will publish its yuan/Singapore dollar central parity rate at 9:15 a.m. each trading day. The exchange rate on the spot market will be allowed to trade 3 percent higher or lower from parity.

      The People's Bank of China (PBOC), the central bank, authorized and welcomed the CFETS announcement, saying it is an important measure between the Chinese and Singaporean governments to jointly push forward bilateral and economic relations.

      "The direct yuan-Singapore dollar trade is good for forming a direct exchange rate between the two currencies and reducing exchange costs," the PBOC said in a statement on its website.

      Vowing to "actively support" yuan-Singapore dollar direct trade, the PBOC said the move will also help boost financial cooperation between the two countries.

      To boost the use of the yuan internationally, China has also signed multiple currency swap agreements totaling 2.9 trillion yuan (472 billion U.S. dollars) with 26 overseas monetary authorities.

      The PBOC has also authorized offshore renminbi clearing and settlement arrangements in Singapore, London, Frankfurt, Seoul, Paris and Luxembourg, as well as Taiwan, Hong Kong and Macao.

      The Chinese government is gradually relaxing its hold over the yuan and making it a global reserve currency.

      China is also under pressure to diversify its foreign exchange reserves, which stood at 3.89 trillion U.S. dollars at the end of June.

      Comments (0)
      Most popular in 24h
        Archived Content
      Media partners:

      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 久久精品国产免费观看三人同眠| 国产福利视精品永久免费| 亚洲AV无码国产精品色午友在线| 96免费精品视频在线观看| 亚洲无mate20pro麻豆| 亚洲av无码天堂一区二区三区 | 拨牐拨牐x8免费| 免费国产va在线观看| 无码乱人伦一区二区亚洲| 毛片a级毛片免费观看品善网| 免费一级毛suv好看的国产网站| 亚洲av无码成人黄网站在线观看| 国产一卡2卡3卡4卡无卡免费视频 国产一卡二卡3卡四卡免费 | 美女羞羞免费视频网站| 亚洲午夜久久久久妓女影院| 成人免费福利视频| 在线播放免费人成视频网站| 亚洲免费视频网址| 亚洲日韩精品一区二区三区无码| 在人线av无码免费高潮喷水| xvideos永久免费入口| 亚洲AV无码久久久久网站蜜桃| 亚洲av片一区二区三区| 日本h在线精品免费观看| 无码AV动漫精品一区二区免费 | 特级一级毛片免费看| 亚洲最新在线视频| 亚洲日本在线观看视频| 成年在线观看网站免费| 久久免费高清视频| 无人视频在线观看免费播放影院| 亚洲精品福利在线观看| 亚洲中久无码永久在线观看同| 免费看香港一级毛片| 亚洲视频免费观看| 182tv免费视频在线观看| 老司机午夜精品视频在线观看免费| 亚洲视频在线一区| 国内精品99亚洲免费高清| 日韩午夜免费视频| 美女视频黄是免费的网址|