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SHANGHAI - China started allowing the yuan to trade against the Russian rouble in the interbank market from Monday as policymakers promote the currency's use in global trade and finance.
The move will help "facilitate bilateral trade between China and Russia and help develop yuan trade settlements," according to a statement published on the website of the China Foreign Exchange Trade System (CFETS), a subsidiary of the People's Bank of China.
The central bank calculates the daily reference rate by taking an average of quotes from commercial banks designated to act as market makers, the statement said.
"The pace of internationalizing the yuan is accelerating," said Zhao Qingming, a senior analyst in Beijing at China Construction Bank Corp, the country's second-largest lender.
"The direct trading between the yuan and the rouble will help expand trade settlements in the two currencies."
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http://www.chinadaily.com.cn/bizchin...t_11594595.htm
The move will help "facilitate bilateral trade between China and Russia and help develop yuan trade settlements," according to a statement published on the website of the China Foreign Exchange Trade System (CFETS), a subsidiary of the People's Bank of China.
The central bank calculates the daily reference rate by taking an average of quotes from commercial banks designated to act as market makers, the statement said.
"The pace of internationalizing the yuan is accelerating," said Zhao Qingming, a senior analyst in Beijing at China Construction Bank Corp, the country's second-largest lender.
"The direct trading between the yuan and the rouble will help expand trade settlements in the two currencies."
..
http://www.chinadaily.com.cn/bizchin...t_11594595.htm
When Russia announced their participation with the missile shield, I thought they were playing with the idea to team up against China. But it seems that it's more like a cheap information gathering attempt....
In regard to European missile defense, the Russian president believes that one first must understand what it will look like and how it will work, and of course presume that Russia’s contribution will be absolutely equitable. “There can be no other kind of involvement - nothing just for show,” Medvedev asserted. “Either we fully participate, share information, and share responsibility for solving certain problems, or we won't participate at all. But if we don’t participate at all, then, for obvious reasons, we'll be forced to defend ourselves.”
http://worldmeets.us/ http://worldmeets.us/rossijskayagaze...#ixzz167bhZPQ2
http://worldmeets.us/ http://worldmeets.us/rossijskayagaze...#ixzz167bhZPQ2