China is planning to introduce more currencies to its onshore foreign-exchange (FX) market, The Wall Street Journal reports. The country is expected to add the Singapore dollar, the Brazilian real and the Korean won, as the demand for direct trading of the yuan against these currencies is rising.
The Malaysian ringgit and Russian ruble have recently been added to Chinese onshore market, joining the U.S. dollar, Hong Kong dollar, yen, euro and pound. The seven currencies are currently allowed to trade onshore within certain bands around daily reference exchange rates set by the central bank.
Click here for the story from The Wall Street Journal.