China Takes Another Step to Boost the Yuan’s Global Usage

China Takes Another Step to Boost the Yuan’s Global Usage

China announced this week that it will start direct trading with the Swiss franc. According to China Foreign Exchange Trade System (CFETS), this move will make the franc the seventh major currency that can bypass a conversion into the U.S. dollar and be directly exchanged for yuan. “This is an important step in strengthening bilateral economic and trade connections between China and Switzerland,” the People’s Bank of China said in a statement on its website on Monday. The link will help lower conversion costs and facilitate the use of both currencies in bilateral trade, it added.”

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