RMB direct trading to the euro opened today

According to Xinhua News Agency, China Foreign Exchange Trading Center issued a statement yesterday that it will conduct direct exchange of RMB against the euro in the inter-bank foreign exchange market on the 30th. This is the sixth major currency in the world to be directly traded with the renminbi after the US dollar, the Japanese yen, the Australian dollar, the New Zealand dollar and the British pound.

The China Foreign Exchange Trading Center issued a document showing that in order to promote bilateral trade and investment between China and the member states of the euro zone, to facilitate the use of the RMB and the euro in trade and investment settlement, and to meet the needs of economic entities to reduce exchange costs, the People’s Bank of China authorized From September 30, 2014, the RMB will be directly traded in the inter-bank foreign exchange market.

The opening of this business means that the central parity of the RMB against the euro has been formed based on the current central parity of the RMB against the US dollar and the exchange rate between the US dollar and the Euro, and has been formed based on the quoted market makers, that is, the China Foreign Exchange Trading Center. Before the daily opening, we will make a direct inquiry into the inter-bank foreign exchange market for the RMB to the euro, and will directly quote the market makers to get the average price of the RMB to the euro.

HSBC Bank (China) Co., Ltd. announced on the 29th that it has been approved as the first batch of RMB-to-Euro direct market makers in the inter-bank foreign exchange market in China, and will soon begin to fulfill its market-making obligations in the inter-bank foreign exchange market. Song Yuesheng, director of HSBC China Global Capital Markets, said: "The direct trading of the renminbi with the euro, the world's second largest foreign exchange trading currency, is another major development of the renminbi's internationalization. Benefiting from the convenience of direct currency trading, China and the EU Trade and investment between the two major global economies will be further strengthened."

In recent years, the offshore renminbi market in Europe has developed rapidly, and the pattern of “multiple pillars” including London, Frankfurt, Paris and Luxembourg has taken shape.

The latest RMB tracking report released by the Global Banking Financial Telecommunications Association shows that global renminbi payments have doubled in the past two years. In August, the renminbi ranked seventh in the world's major payment currencies.

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