The People’s Bank of China (PBoC) announced it will start RMB to Euro direct trading on China Foreign Exchange Trade System (CFETS) tomorrow on September 30. The direct conversion aims to promote bilateral trade and investment, as well as to reduce forex-related costs.
Since the Euro is one of the G3 currencies and is the only one that has not had direct conversion with RMB, today’s announcement is a significant milestone in the course of RMB internationalization, says a report by the Australia and New Zealand Banking Group Limited (ANZ).
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