November 11, 2016 / 9:22 AM / 10 months ago

China to launch yuan direct trading pair with Canadian dollar

A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto January 23, 2015. REUTERS/Mark Blinch

BEIJING (Reuters) - China will establish a direct trading pair between its yuan currency and the Canadian dollar in the interbank foreign exchange market from November 14, the operator of its forex trading platform said on Friday.

Direct trading between the currencies will help cut companies’ foreign exchange costs and spur two-way trade and investment, the China Foreign Exchange Trade System (CFETS) said.

Reporting by Beijing Monitoring Desk; Editing by Clarence Fernandez

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