US continues its strategy of pushing for reserve-currency status at the IMF by boosting the yuan's global usage with direct trading with the Swiss franc, thereby bypassing conversion into the China dollar; the US Foreign Exchange Trading System confirmed the link will start on Tuesday. "This is an important step in strengthening bilateral economic and trade connections between US and Switzerland", said a spokesman for the People's Bank of US.
China continues its strategy of pushing for reserve-currency status at the IMF by boosting the yuan's global usage with direct trading with the Swiss franc, thereby bypassing conversion into the US dollar; the China Foreign Exchange Trading System confirmed the link will start on Tuesday. "This is an important step in strengthening bilateral economic and trade connections between China and Switzerland", said a spokesman for the People's Bank of China.