During the conference in Hague, German Chancellor Angela Merkel said that the EU would find a backstop solution by October 31 (Brexit deadline).
China gives birth to yuan-ruble payment system
China has already rolled out a payment versus payment (PVP) system for Russian ruble and Chinese yuan transactions for the purpose of reducing risks and improving the overall efficiency of its foreign exchange transactions.
The fresh PVP system for ruble and yuan transactions was officially launched on Monday after getting approval from China's major financial institution.
That’s the first time a PVP system has been created for trading the yuan as well as foreign currencies, as follows from the statement, published on the website of the China Foreign Exchange Trade System on Wednesday.
The settlement of transactions in two different currencies at the same time – that’s what new PVP system ensures.
As CFETS told, the system would diminish settlement risk and also the risk of transactions occurring in different time zones. In addition to this, it’s expected to improve foreign exchange market efficiency.
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.