China is seeking to expand trading of its currency outside its mainland, The Wall Street Journal reports. The Chinese central bank, People’s Bank of China, is in discussions with the Monetary Authority of Singapore to name Singapore as a second yuan-trading hub. Separately, the apex bank has also permitted the yuan to be traded against a wider variety of currencies in the onshore foreign exchange market, adds Economic Times. Currently, the yuan is tradable against the U.S. dollar, euro, yen, Hong Kong dollar, sterling, Malaysian ringgit and the Russian rouble.
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