“Banks bought a net $1.3 billion worth of foreign exchange for clients in May, showing a major turnaround,” Wang Yungui, head of policy and regulations at the State Administration of Foreign Exchange (SAFE), told a news conference in Beijing Wednesday
Read MoreTag: Chinese currency
China officially commences foreign currency services in Shanghai Free Trade Zone
Chinese officials have stated that Shanghai Free Trade Zone would start a trial program for qualified individual investors to invest abroad, and permit limited amounts of the yuan to be used for free conversion within the year
Read MoreChina’s yuan goes international whilst Euro faces shaky future
In 2014, the yuan was used for over $1.6 trillion of international payments, according to information from the Chinese central bank that was published early this week, and has swap agreements with 14 countries. China is demonstrating a clear will for the yuan to become a reserve currency
Read MoreCanada seeks to become the Renminbi trading centre for the Americas
Partnership announced to support initiative that sees stronger ties with Chinese currency
Read MoreStandard Chartered: By 2020, 28% of China’s cross-border trade will be settled in renminbi…
Standard Chartered Bank has issued a bold statement saying that by the year 2020, roughly 5 1/2 years from now,…
Read MoreChina 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…
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