PBoC sanctions direct trading between renminbi and euro
Euro becomes sixth major currency to be directly tradable
The People's Bank of China (PBoC) today gave the green light to direct trading between renminbi and the euro on the interbank foreign exchange market.
In a statement, the PBoC says the move is an "important step in strengthening bilateral economic and trade connections between China and eurozone member states". China and the eurozone will make "further efforts" to promote direct trading between the two currencies, the central bank says.
The new arrangement "will help lower currency conversion
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