RMB to EUR direct trading begins

China begins direct trading between the yuan and euro today, lowering transaction costs in order to make the currencies more attractive for conducting bilateral trade and investment, Bloomberg reported, citing a statement from the People’s Bank of China. HSBC Holdings said separately it had received regulatory approval to be one of the first market makers when trading begins in China’s domestic market. The euro has become the sixth major currency to be exchangeable directly for the yuan in Shanghai, Joining the US, Australian and New Zealand dollars, the British pound, and the Japanese yen.