Nov 23, 2010
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.