China starts direct trading between yuan and euro

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As of tomorrow, China will allow direct trading between yuan and euro, the Chinese platform for foreign currency trading announced.

- The system already offers platform with transactions between yuan and euro and with the implementation of direct trading between these foreign currencies, American dollar will no longer be used as a currency mediator in rate calculation – it was stated in the announcement of Chinese operator and France press agency reports.

The objective of this move, according to the announcement of the Chinese platform, is promotion of bilateral trading and investments as well as simplification of process in use of yuan in cross border trading and lower conversion costs.