China: CNY-EUR direct trading project underway

Friday 3 October 2014 14:40 CET | News

China has begun CNY-EUR direct trading as Beijing seeks to broaden the units global usage.

The China Foreign Exchange Trade System (CFETS) already offers a platform for CNY-EUR transactions but direct trading means the USD will not be used as an intermediary currency to calculate rates. CFETS has claimed that the move is aimed to promote bilateral trade and investment, facilitate the CNY use in cross-border trade and lower conversion costs.

In June 2014, China started CNY-GBP direct trade, one of several currencies to be included in a streamlined regime. China has long had direct currency trade with the USD and has recently added JPY, AUD, NZD and MYR. CNY closed at EUR 7.8085 on 29 September 2014, according to the China Foreign Exchange Trade System.

Check out our Cross-border Ecommerce Research section here for more info on specific ecommerce facts and figures, preferred payment methods, risk and fraud, as well as ecommerce legislation and regulation in China.

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Keywords: China, CNY, EUR, USD, GBP, direct trading, project, cross-border, payments , payments hub
Categories: Payments & Commerce
Countries: World
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