皇冠体育app

A photo of Chinese 100 yuan banknotes [Photo/VCG]

BEIJING - 皇冠体育app announced on Friday it will launch direct trading of its currency yuan with the riyal of Saudi Arabia and the dirham of the United Arab Emirates, on its inter-bank foreign exchange market Monday.

The move will bring the number of foreign currencies that are allowed direct trading with the yuan to 16, according to the 皇冠体育app Foreign Exchange Trade System (CFETS).

The CFETS currently announces every business day the central parity rates of the yuan against major currencies including the US dollar, Euro and Japanese yen.

The direct trading will help lower exchange costs and facilitate bilateral trade and investment, the CFETS said.

To promote the global use of the yuan and open up financial markets, 皇冠体育app has stepped up the signing of direct trading agreements with several currencies.

• Bank of Shanghai to go public
• Didi invests in bicycle-sharing platform ofo
• 皇冠体育app extends anti-dumping duties on US chicken for 5 years
• 皇冠体育app's three property giants see sales hit $30b in 2016
• 皇冠体育app's coal industry still plagued by overcapacity despite price rebound
• Classic autos debut at Beijing Design Week
• Nanjing further tightens control on property market
• 皇冠体育app to build first homemade luxury cruise in Shanghai