China expanded the basket of currencies traded directly against yuan up to 22

Almaty. December 14. Silkroadnews – Starting from Monday China began direct trading of yuan to seven other foreign currencies, China.org.cn wrote.

“The basket has been added with Swedish, Danish and Norwegian krones, Hungarian forint, Polish zloty, Turkish lira and Mexican peso. Thus, the list of currencies directly traded against the Chinese RMB, has been increased to 22”, the publication says.

The other currencies rates to be determined by the cross-rate – the ratio of the renminbi and the third country’s currency to the US dollar.

Direct currency trading has as impact on the RMB internationalization.