Business / Markets

IMF welcomes direct interbank yuan-yen trading

(Xinhua) Updated: 2012-06-01 13:40

WASHINGTON -- The International Monetary Fund on Thursday welcomed the upcoming direct interbank trading of the Chinese currency yuan against the Japanese yen, calling it a key step to enhance financial integration between the two major economies.

"We welcome the direct interbank yen-yuan trading," IMF chief spokesman Gerry Rice said at a regular press briefing here on Thursday.

"It's an important step toward greater financial integration between China and Japan," Rice added.

Direct interbank yuan-yen trading will start on China's interbank foreign exchange market on Friday, according to the China Foreign Exchange Trade System, the country's market operator. This has brought renminbi one step closer to becoming a truly global currency.

China has been taking steps to open its financial market and internationalize renminbi, or the yuan.

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