www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Markets

China launches direct RMB-Singapore dollar trade

(Xinhua) Updated: 2014-10-27 17:09

China launches direct RMB-Singapore dollar trade

Chinese Vice Premier Zhang Gaoli (4th R, front) meets with Singaporean Deputy Prime Minister Teo Chee Hean (4th L, front) in Suzhou, east China's Jiangsu Province, Oct. 26, 2014. Zhang and Teo co-chaired a series of meetings in Suzhou between senior officials from both countries, which include the 11th meeting of China-Singapore Joint Council for Bilateral Cooperation, the 16th China-Singapore Joint Steering Council Meeting for the Suzhou Industrial Park, and the seventh China-Singapore Joint Steering Council Meeting for the Tianjin Eco-city, from Oct 26 to Oct 27. [Photo/Xinhua]

BEIJING -- 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 US 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 US dollar to settle bilateral trade and investment deals.

Previously, the exchange rate between the two currencies was calculated based on the yuan-US dollar central parity rate and the Singapore dollar-US 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) 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 at the end of June.

China launches direct RMB-Singapore dollar trade

China launches direct RMB-Singapore dollar trade

 Use of the renminbi is gaining ground globally  Putin looks to RMB to replace greenback

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 手机看片1024欧美日韩你懂的 | 色欧美与xxxxx | 毛片网站大全 | 在线精品视频免费观看 | 亚洲图片偷拍自拍 | 九九九九九九精品免费 | 91最新91精品91蝌蚪 | 久久福利资源网站免费看 | 国产美女在线精品观看 | 欧美日韩国产va另类 | 国产精品88 | 一级做a爰片久久毛片美女 一级做a爰片久久毛片免费看 | 免费成年网站 | 成人欧美一区二区三区 | 国产三级成人 | 久久久久综合给合狠狠狠 | 偷拍自拍第一页 | 91年精品国产福利线观看久久 | 久久综合久久美利坚合众国 | 亚洲人成网国产最新在线 | 毛片免费视频网站 | 久久久9视频在线观看 | 久久福利网站 | 狼人青草久久网尹人 | 国产女乱淫真高清免费视频 | 中文字幕一二区 | 一级特黄特黄毛片欧美的 | 欧美成人手机视频免费播放 | 成人做爰全视频 | 99久久香蕉国产线看观香 | 99爱视频在线| 手机看片久久青草福利盒子 | 二级毛片在线播放 | 亚洲国产日韩女人aaaaaa毛片在线 | 成人亚洲欧美综合 | 成人一级黄色片 | 欧美亚洲国产视频 | 欧美黄免在线播放 | 久久免费久久 | 久久国产美女免费观看精品 | 久久精品香蕉 |