China to start direct trade between yuan and British pound

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China has announced it will allow the direct trade between its yuan national currency and the British pound later this week. Analysts said the move was designed to further internationalize the unit.

China's Foreign Exchange Trade System (CFETS) said Wednesday the Asian nation would start direct trade between the renminbi and the British pound on Thursday.
Sterling and yuan would be directly swapped without using the US dollar as an intermediary, the trade platform noted.
"The move will promote the bilateral trade and investment between China and the United Kingdom and facilitate the use of renminbi and pound in the cross-border trade settlement," CFETS commented.
Perfect timing

China has long had direct currency trade with the US and has recently added Japan's yen, the Australian, New Zealand and Canadian dollars, Russia's ruble and the Malaysian ringgit to its options.
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