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| China to begin exchange between British pound, yuan |
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| www.chinaview.cn
2006-07-04 17:34:03
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BEIJING, July 4 (Xinhua) -- The China Foreign Exchange Center (CFEC) is to begin inter-bank exchange dealing of the British pound and the yuan, China's currency, on Aug. 1, the Xinhua-run China Securities Journal reported Tuesday.
The business will include the spot exchange dealing, forward exchange
dealing and straight purchase, the newspaper said.
The CFEC already operates exchange trade of the yuan and four major
currencies including the U.S. dollar, the Euro, the Japanese yen and the Hong
Kong dollar, as well as exchange business between the U.S. dollar and seven
overseas currencies and between the yen and the Euro.
The new trade would further diversify China's inter-bank foreign
exchange market, the newspaper said.
Like the three non-U.S. dollar currencies, the trading price of the
British pound and yuan in spot exchange dealing will have a three percent
fluctuation space from the fixed value.
The rate would be dependent on the U.S. dollar-yuan rate and the
exchange rate between the pound and the U.S. dollar on the international market,
the newspaper said. Enditem
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