China launches direct trading between renminbi and seven other currencies
The currency pairs will be allowed to trade within a 5% band on any given trading day
The People's Bank of China (PBoC) has authorised the direct trading of renminbi against seven new currencies on the interbank foreign exchange market in order to facilitate bilateral trade and investment between China and the seven countries.
The authorisation covers spot, forward and swaps bilateral trading of the Danish and Norwegian krone, the Swedish krona, the Hungarian forint, the Polish zloty, the Turkish lira and the Mexican peso. Trading started on December 12 and is now open to any
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