Chinese yuan trades against Aussie dollar

China kicks off Australia yuan trade
Trading was thin on Monday morning, but market players expect it to pick up over time along with the gradual expansion of the yuan’s use in global markets. “This morning those banks trading yuan against Australian and Canadian dollars calculated on the basis of the central bank’s mid-point and real time movements of the two foreign currencies against the dollar in global markets,” said a trader at a European bank in Shanghai. “The PBOC has so far still been pricing the fixing of other currencies based on the yuan’s near peg versus the US dollar.”

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