The RMB starts direct trading with Euro: another step towards RMB internationalization

Summary

The PBoC announced yesterday that the RMB will start direct trading with the Euro, marking another significant milestone of the RMB internationalization. . Under the direct trading mechanism, the RMB market makers can directly settle their RMB/ Euro transactions. The direct trading will therefore lower transaction costs of market makers and facilitate the settlements relating to bilateral trade and investment.

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