South African rand and Chinese renminbi now tradable on CFETS
Bilateral trading between rand and renminbi will cut costs, Sarb's head of financial markets says
The South African rand and the Chinese renminbi will soon be tradable on a bilateral basis on the Chinese Foreign Exchange Trade System (CFETS), the People's Bank of China (PBoC) announced on June 16.
Effective from June 20, rand will no longer have to be converted into a third currency before being exchanged for renminbi.
Leon Myburgh, head of financial markets at the South African Reserve Bank (Sarb), tells Central Banking that having to trade via the US dollar increases costs for customers
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