SHANGHAI, Oct 27 (AFP) : China will begin trading its yuan currency directly with the Singapore dollar on Tuesday, the national foreign exchange market operator said, in the latest move to promote international use of Beijing's unit.
The Singapore dollar will be added to the China Foreign Exchange Trade System's (CFETS) platform, which currently offers transactions between the yuan and 10 foreign currencies, it said Monday.
The market operator will publish a daily parity between the yuan and the Singapore dollar based on quotes from market makers and allow the currency to move three per cent on either side of the central midpoint, CFETS said in a statement on its website.
It added the move is intended to "promote the bilateral trade and investment between China and Singapore, facilitate the use of (yuan) and (Singapore dollar) in the cross-border trade and investment settlement (and) meet the needs of economic entities to lower currency conversion cost".
China, Singapore to start direct currency trading
FE Team | Published: October 28, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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