Yuan Trading Against Ruble Said to Start Within Weeks
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China may start yuan trading versus the Russian ruble within weeks, seeking to encourage use of its currency for global trade instead of the dollar, according to three bankers with knowledge of the matter.
The central bank sent out a document last week allowing banks to apply for ruble trading licenses and the approval process may take three weeks, according to one of the bankers, who asked not to be identified because the process isn’t public. The People’s Bank of China started yuan trading against the Malaysian ringgit on Aug. 19.