中国新加坡开始外汇直接交易

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The China Foreign Exchange Trading System says it will carry out direct trading of the Chinese yuan against the Singapore dollar beginning Tuesday.

中国外汇交易中心称，周二开始将实行中国人民币对新加坡新币的直接交易。

The move announced today aims to boost bilateral trade and investment, facilitate the use of the two currencies in trade and investment settlement, and reduce exchange costs for market players.

China's interbank foreign exchange market will kick off direct trading between the Chinese yuan and the Singapore dollar via spot, forward, and swap contracts.

The announcement followed the direct trading of the yuan against the euro, the British pound, the Japanese yen and the New Zealand dollar amid the country's efforts to internationalize the Chinese currency.