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China to soon start direct yuan-Singapore dollar trading: sources

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China's interbank foreign exchange market will kick off direct trading between the Chinese yuan and the Singapore dollar next week, sources with direct knowledge of the matter told Reuters on Wednesday.

[BEIJING] China's interbank foreign exchange market will kick off direct trading between the Chinese yuan and the Singapore dollar next week, sources with direct knowledge of the matter told Reuters on Wednesday.

The latest step will facilitate investment and bilateral trade between the two countries by helping lower foreign exchange conversion costs while promoting the usage of both the yuan and the Singapore dollar in trade, sources said.

China has already launched direct yuan trading with major currencies including the euro, sterling, yen and the Australian dollar.

Officials at the China Foreign Exchange Trade System declined to comment when contacted by Reuters.

REUTERS