China starts trading yuan against Malaysian ringgit

China starts trading yuan against Malaysian ringgit
August 20, 2010 12:14 am TWN, AFP

SHANGHAI -- China began trading the Malaysian ringgit against the Chinese yuan on the domestic foreign exchange market Thursday in the latest step toward making the yuan an international currency.

Beijing has been taking steps including promoting the use of the yuan to settle international trade and forging currency swap agreements in a bid to make the yuan a major global currency.

The central bank said earlier this week it would allow foreign financial institutions that participate in the yuan settlement program to invest their yuan proceeds in China's interbank bond market, giving those receiving yuan as payments an investment channel.

http://www.chinapost.com.tw/china/china-business/2010/08/20/269433/China-starts.htm