28th November 2011
The Chinese Yuan has begun trading today (November 28th) against both the Canadian dollar (CAD) and the Australian dollar (AUD).
It is the latest introduction of currency pairs for forex trading against the yuan, bringing the total number of direct trading partners up to nine for the currency.
It opened today at 6.2491 against AUD and at 6.1048 against CAD, with the China Foreign Exchange Trading System allowing a daily three per cent shift in the spot price of the pairs for the future.
The yuan is now available for direct trading against a number of the world's largest currencies, including the US dollar (USD), the Hong Kong dollar, Japanese yen, British sterling, the euro, the Malaysian ringgit and the Russian ruble.
Last week, USD maintained a strong position in forex markets, holding close to a six-week high against the euro as fears persist in the eurozone over possible debt defaults.
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