China looks to cut out dollar's go-between role

Chinese currency

The People's Bank of China (PBoC) is looking to broaden the reach of the renminbi by letting it trade against the Russian rouble, the Malaysian ringgit and the South Korean won, according to reports on Wednesday.

A source at the China Foreign Exchange Trading Centre, the PBoC's interbank exchange department, told Bloomberg, a newswire, that the central bank was investigating the prospect of offering new currency pairs.

The renminbi, which is closely managed, at present has exchange-rate pairings

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