China will begin direct trading between its yuan currency and the euro starting on Tuesday, the national foreign exchange market's operator said, as Beijing seeks to broaden the unit's global usage.
The China Foreign Exchange Trade System already offers a platform for yuan-euro transactions but direct trading means the US dollar will not be used as an intermediary currency to calculate rates, according to a statement released Monday.
The market operator said the move aimed to promote bilateral trade and investment, facilitate the use of yuan in cross-border trade and lower conversion costs.
In June, China started direct trade between the yuan and Britain's pound, one of several currencies to be included in a streamlined regime .... http://finance.yahoo.com
