May 19, 2016 / 9:00 AM / 3 years ago

Foreign banks to start China yuan trade settlement on Friday

A customer holds Chinese Yuan notes as she pays for pork at a market in Beijing, August 12, 2015. REUTERS/Jason Lee

SHANGHAI (Reuters) - The first batch of foreign commercial banks has registered to directly trade yuan CNY=CFXS used for overseas trade settlement and can begin doing so on Friday, the foreign exchange market operator said.

Approved foreign commercial banks include CTBC Bank, Taipei Fubon Bank, Standard Chartered (STAN.L) and Citibank Hong Kong Ltd (C).

Foreign central banks have already been approved to trade directly in the country’s massive interbank forex market.

Reporting by the Shanghai Newsroom; Editing by Kim Coghill and Richard Borsuk

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