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SHANGHAI: China will begin direct trading between its yuan currency and the euro on Tuesday (Sep 30), the national foreign exchange market's operator said, as Beijing seeks to broaden the unit's global usage.
The China Foreign Exchange Trade System already offers a platform for yuan-euro transactions but direct trading means the US dollar will not be used as an intermediary currency to calculate rates, according to a statement released on Monday.
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 trade and investment ties between China and the European Union, as two of the world's major economies, can be further strengthened through the greater convenience of direct trading in this pair," he said in an HSBC statement.
originally posted by: gatorboi117
Mark my words, China will slowly start to become a more prominent enemy of the US.
originally posted by: grey580
Somehow I don't see China as the kind that would commit that sort of suicide.
If you tank the dollar who's going to buy all your cheap products?
originally posted by: irgust
Since China doesn't want US dollars does that mean the US doesn't have to buy anything from them. Maybe the manufacturing jobs will come back to the US.