China and Singapore will introduce direct trading between their currencies, bolstering Singapore’s status as an offshore yuan trading center and adding to Beijing’s efforts to internationalize its currency.
The move would make the Singapore dollar the fifth currency to have direct trading links with the Chinese currency, also known as renminbi, trailing the U.S. dollar, the yen, the Australian dollar and the pound sterling.
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Chun Han Wong, The Wall Street Journal via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/MPhLjIsFvYY/
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