China announced Monday that it will allow direct trading between the Chineseyuan and Swiss Franc in the inter-bank foreign exchange market starting from Tuesday.
The move will lower trading costs for China and Switzerland, facilitate use of the twocurrencies in bilateral trade and investment and boost economic and financial cooperationbetween the two countries, according to the announcement released by China ForeignExchange Trade System (CFETS).
The central parity rate between renminbi and Swiss Franc will be decided according to theaverage quotation of direct trading market makers before the market opens each working day,according to CFETS.
Swiss Franc is the 12th foreign currency that can be directly traded with the Chinese yuan inthe inter-bank foreign exchange market.
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