Money

    Yuan begins trading against the rouble

    By Judy Chen (China Daily)
    Updated: 2010-11-23 09:50
    Large Medium Small

    SHANGHAI - China started allowing the yuan to trade against the Russian rouble in the interbank market from Monday as policymakers promote the currency's use in global trade and finance.

    The move will help "facilitate bilateral trade between China and Russia and help develop yuan trade settlements," according to a statement published on the website of the China Foreign Exchange Trade System (CFETS), a subsidiary of the People's Bank of China.

    The central bank calculates the daily reference rate by taking an average of quotes from commercial banks designated to act as market makers, the statement said.

    "The pace of internationalizing the yuan is accelerating," said Zhao Qingming, a senior analyst in Beijing at China Construction Bank Corp, the country's second-largest lender.

    "The direct trading between the yuan and the rouble will help expand trade settlements in the two currencies."

    Yuan begins trading against the roubleTheme park numbers rising
    Related readings:
    Yuan begins trading against the rouble Yuan advances to 6.6389 per US dollar on Monday
    Yuan begins trading against the roubleChina may lower 2011 loan target to 6-7t yuan-Report
    China is allowing greater use of its currency for cross-border transactions to reduce reliance on the US dollar, after Premier Wen Jiabao said in March he was "worried" about holdings of assets denominated in the greenback. Purchases of US currency to contain yuan gains contributed to a $194 billion increase in the nation's foreign-exchange reserves in the third quarter, boosting the total to a record $2.65 trillion.

    The rouble traded at 4.6711 per yuan as of 9:59 am in Shanghai, according to CFETS data. The reference rate, which is published at around 9:15 am every day, was set at 4.6711 per yuan. The yuan is allowed to trade 5 percent on either side from the fixing, according to the CFETS statement.

    China started allowing the Malaysian ringgit to trade against the yuan on Aug 19. Traders can also buy and sell the yuan against the dollar, the euro, the yen, the Hong Kong dollar and the British pound.

    The yuan was little changed at 6.6375 per dollar, from 6.6395 on Nov 19. The rouble was stable at 30.9912. The value of international trade transactions settled in the Chinese currency totaled 126.5 billion yuan ($19 billion) in the third quarter, 160 percent more than in the three months through June, the People's Bank of China reported on Nov 2.

    China first approved yuan use for trade settlement in July 2009 and Zheng Yang, an official at the People's Bank of China's Shanghai branch, on Sept 27 said the value of such transactions may reach 200 billion yuan by the end of this year. The total for the first nine months was 197.1 billion yuan.

    CFETS also said it will consider allowing trading in forwards and swaps between the yuan and the rouble, adding that any decision will be based on market demand.

    Bloomberg News

    中文字幕av无码专区第一页| 日韩精品无码一本二本三本| 国产精品无码一区二区三区电影| 亚洲中文字幕无码永久在线| 日韩精品无码专区免费播放| 最近中文字幕电影大全免费版 | 精品999久久久久久中文字幕| 日日摸日日碰夜夜爽无码| 亚洲制服中文字幕第一区| 久久亚洲国产成人精品无码区| 一本一道av中文字幕无码| 中文字幕亚洲色图| 在线欧美中文字幕农村电影| 亚洲 另类 无码 在线| 精品久久久久久无码中文字幕一区| 99精品人妻无码专区在线视频区| 成人精品一区二区三区中文字幕 | 亚洲成a人在线看天堂无码| 少妇无码AV无码专区线| 免费无码又爽又刺激高潮软件| 暖暖日本免费中文字幕| 色噜噜亚洲精品中文字幕| 草草久久久无码国产专区| 久久久久亚洲AV无码网站| 亚洲熟妇无码八AV在线播放| 最近的2019免费中文字幕| 无码人妻精品一区二区蜜桃网站 | 婷婷五月六月激情综合色中文字幕 | av无码久久久久久不卡网站| 亚洲av无码乱码国产精品| 中文字幕精品无码一区二区| 欧美中文字幕在线| 日本久久久精品中文字幕| 欧美日韩国产中文字幕| 中文字幕高清有码在线中字| 最近最新高清免费中文字幕| 中文字幕在线观看| 中文字幕在线视频第一页| 少妇无码太爽了在线播放| 高清无码午夜福利在线观看 | 中文精品久久久久人妻|