China allows yuan to start trading against ruble
Monday, November 22, 2010
SHANGHAI -- China started allowing the yuan to trade against the Russian
ruble from today in the interbank market as policy makers 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," said a statement published on
the website of the China Foreign Exchange Trade System, a subsidiary of
the People's Bank of China. The ruble traded at 4.6711 per yuan as of
5:30 p.m. in Shanghai, according to CFETS data. It was little changed
from yesterday at 4.6712, according to data compiled by Bloomberg.
"The pace of internationalizing 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 yuan
and ruble will help expand trade settlements in the two currencies."… http://www.bloomberg.com/news/2010-1