China to start yuan vs. sterling trading in FX market from Thursday

China’s central bank said on Wednesday that the Chinese currency will be traded directly against the British pound in the interbank foreign exchange market, in the latest step to facilitate investment and bilateral trade between China and Britain.

This update comes as finally China Construction Bank was named the clearing bank in London for the Chinese currency by Chinese authorities.

1 British Pound (£) = 10.58 Chinese Yuan (CN¥) at the current spot rate.

“The move will help to lower foreign exchange conversion costs and will promote the usage of both yuan and sterling in bilateral trade and investment, which will help strengthen financial ties between the two countries,” the central bank said in a statement on its website.

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