China to Suspend Collection of Fees on Exchanges Between Yuan and 10 Direct Trading Currencies
Xu Wei
/SOURCE : Yicai
China to Suspend Collection of Fees on Exchanges Between Yuan and 10 Direct Trading Currencies

(Yicai Global) June 5 -- China will temporarily stop collecting fees on exchange transactions between the yuan and ten direct trading currencies -- the Singapore dollar, the Russian ruble, the Malaysian ringgit, the New Zealand dollar, the South Africa rand, the Saudi riyal, the United Arab Emirates dirham, the Polish zloty, the Hungarian forint and the Turkish lira.

China Foreign Exchange Trade System said in a notice yesterday that it will start the three-year exemption on August 1 to support China's One Belt, One Road initiative and the real economy's development and to promote direct trading of the yuan via the interbank market.

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Keywords: Forex , Singapore , RUSSIA