Swiss National Bank out with a statement as the new yuan-chf trading platform is launched
I posted on the initiative yesterday and the news saw some immediate drop in CHF pairs before recovering some poise
- direct renminbi/swiss franc exchange rate will help to reduce currency conversion costs for market participants
- this will facilitate and promote the use of renminbi in cross-border transactions between companies and financial institutions
- direct trading between the currencies of China and Switzerland is an important step in strengthening bilateral financial and trading relations, and in establishing a renminbi hub in Switzerland
The full impact is yet to be seen but definitely worth keeping an eye on
Seems that everyone , well almost everyone that isn't politically opposed, is keen to court China and claim it for its own
How times change, and the global domination for the yuan continues at pace
Full release text here
Is the SNB adding another tool to its very limited box?
