(BN) Yuan to Trade With Aussie, Singapore, Standard Chartered Says

Yuan to Trade With Aussie, Singapore, Standard Chartered Says
2011-01-20 10:53:48.222 GMT


By Emma O'Brien
    Jan. 20 (Bloomberg) -- China will allow direct trading of
the yuan against the Australian and Singaporean dollars as the
world's largest exporter strives to reduce the role of the
greenback in trade, Standard Chartered Plc says.
    Spot trading of the yuan versus Malaysia's ringgit started
in August and Russia's Micex exchange has traded the yuan
against the ruble since Dec. 16. HSBC Holdings Plc plans to
offer spot trading between the yuan and the Turkish lira in
March, according to a Jan. 11 statement.
    "The yuan internationalization process is clearly
accelerating and I would expect this to continue, particularly
in Asia," Callum Henderson, global head of currency research in
Singapore at Standard Chartered, the U.K. bank that generates
more than three quarters of its earnings from Asia, said in an
e-mail interview yesterday. "We expect more countries, such as
Singapore and Australia, to see this kind of bilateral currency
agreement in due course."

For Related News and Information:
To chart the yuan vs the ruble: RRCCO+TD <Crncy> GIP <GO>
The ringgit against the yuan: CNYMYR <Crncy> GP <GO>
More currency news: TOP FRX <GO>
More China news: TOP CH <GO>
Further news on currencies: TOP FRX <GO>

--With assistance from Sonja Cheung in Beijing and David Yong in
Singapore. Editors: Alex Nicholson, Peter Branton.

To contact the reporter on this story:
Emma O'Brien in Moscow at +7-495-771-7749 or
eobrien6@bloomberg.net

To contact the editor responsible for this story:
Gavin Serkin at +44-20-7673-2467 or gserkin@bloomberg.net