Renminbi Hub One Step Away

Chinese currency renminbi

Chinese currency renminbi

The Chinese currency renminbi soon will be convertible into Swiss francs. The necessary administrative hurdles have been removed for a closer collaboration between the People's Republic and the Swiss banking industry.

As soon as tomorrow Tuesday, China will allow the direct exchange between renminbi and Swiss franc on the interbank foreign exchange market, Swiss news agency «AWP» reported, citing the Chinese central bank.

The step will bolster trade and investments between the two economies and reduce the costs for the exchange of currencies. In mid-October, finews.ch reported about the intent of the central bank of China to remove the final hurdles for the forex trade between the two countries.

Making Life Easier for Business

With the decision, China once more underlined the opening of its currency. The Swiss financial market hopes to grab a share of the market involving the renminbi, a trade that otherwise mostly takes place in London.

The introduction of a trading hub for the Chinese currency is now only a step away. With the hub, the country would have a platform for the transaction of trade in renminbi, which till today isn't freely convertible. Countless business transactions would become easier for exporters and importers alike, while the financial industry could develop and trade new financial products.

Cooperation Time

The Swiss National Bank and the central bank of China at the beginning of 2015 decided to cooperate in the foreign exchange of renminbi. At the end of October the China Construction Bank (CCB) received the necessary banking licence as finews.ch reported exclusively at the time.

The foreign exchange between the two countries will be processed via the CCB.

WEB'S BEST

Top stories from across the globe

  • Asia Pacific's Top Six Credit Risks For 2017
  • The 5 Most Shocking News in 2016
  • Hazel Moore: Banks Are Completely Wasting Valuable Customer Data
  • Morgan Stanley CEO Makes First-Ever Stock Sales After Bank Rally
  • Former Goldman's Partner in Boutique Venture
  • Hong Kong and Singapore in Push for Fee Transparency
More

PHOTO GALLERIES

finews.asia Networking Event

finews.asia Networking Event

Show pictures

stars China Symposium 2016

stars China Symposium 2016

Show pictures

Compare my salary

Compare my salary

Feeling Underpaid? Benchmark your salary by job title, company and location. Find out where you stand in minutes.

compare my salary

Newsletter

Newsletter-SymbolFree Subscription

Subscribe to our free newsletter and receive daily email alerts from the finews editorial team with a list of the top featured articles.

Share with us

Do you have any market intelligence to share with finews.asia – email us on info@finews.asia – All communication is completely confidential and strictly anonymous.