CFETS likely to include won and rand in RMB Index

Following CFETS's approval of direct trading on the interbank FX market, the two currencies could soon be included in the basket directly linked to the renminbi

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China is gradually opening up its financial markets

The China Foreign Exchange Trade System (CFETS) has authorised direct trading between the renminbi and South African rand on the interbank foreign exchange market, and it will soon launch a similar initiative for the Korean won.

The move aims to lower currency conversion costs for economic entities, facilitate the use of the currencies in bilateral trade and investment, and promote financial co-operation between the countries involved.

The new measure, which involves spot, forwards and swap

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