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China said to consider yuan-Swiss franc direct trading link - Bloomberg

FXStreet (Mumbai) - As reported by Bloomberg, the People’s Bank of China (PBOC) is planning to start direct trading between the yuan and the Swiss franc.

Thus, the Swiss franc would become the seventh major currency to be exchangeable directly for yuan in Shanghai, joining the US, Australian and New Zealand dollars, the British pound, the Japanese yen and the euro.

China is accelerating efforts to bolster global yuan usage before an International Monetary Fund (IMF) review of its reserve- currency basket next month.

Earlier this year, the PBOC extended Switzerland a 50 billion yuan ($7.9 billion) quota under the Renminbi Qualified Foreign Institutional Investor program, which allows yuan raised offshore to be used to buy securities in China’s domestic markets.

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