PBOC: China to start direct trading between Yuan and 7 more currencies from Dec 12

The Chinese central bank, PBOC, made an announcement on its website earlier today, noting that China will start direct trading between the Yuan and seven more currencies starting Monday Dec 12.

The seven other currencies include PLN, SEK, TRY, MXN, NOK, DKR and HUF

Meanwhile, China Foreign Exchange Trade System (CFETS), the interbank trading and foreign exchange division of PBOC, said that the aim of commencement of direct trading between the Yuan and other currencies is to facilitate bilateral trade and investment with these countries and lower exchange rate costs.