Advertisement
UK markets close in 1 hour 29 minutes

  • FTSE 100

    8,049.87
    +9.49 (+0.12%)
     

  • FTSE 250

    19,569.89
    -149.48 (-0.76%)
     

  • AIM

    752.54
    -2.15 (-0.28%)
     

  • GBP/EUR

    1.1652
    +0.0008 (+0.07%)
     

  • GBP/USD

    1.2469
    +0.0006 (+0.05%)
     

  • Bitcoin GBP

    50,858.70
    -2,089.56 (-3.95%)
     

  • CMC Crypto 200

    1,373.32
    -9.25 (-0.67%)
     

  • S&P 500

    4,993.02
    -78.61 (-1.55%)
     

  • DOW

    37,766.02
    -694.90 (-1.81%)
     

  • CRUDE OIL

    82.38
    -0.43 (-0.52%)
     

  • GOLD FUTURES

    2,330.80
    -7.60 (-0.33%)
     

  • NIKKEI 225

    37,628.48
    -831.60 (-2.16%)
     

  • HANG SENG

    17,284.54
    +83.27 (+0.48%)
     

  • DAX

    17,846.93
    -241.77 (-1.34%)
     

  • CAC 40

    7,973.43
    -118.43 (-1.46%)
     
Stocks:

Trending tickers

Microsoft, Alphabet, Anglo American, IBM, Astrazeneca, Unilever and Sainsbury's

StanChart starts direct trading between yuan, Saudi riyal, UAE dirham

Reuters - UK Focus

DUBAI, Sept 29 (Reuters) - Standard Chartered (BSE: 580001.BO - news) said on Thursday it had started direct trading between the Chinese yuan, Saudi Arabia's riyal and the UAE's dirham, making it one of the first market-makers to trade those currency pairs in China's interbank market.

Last week, the operator of China's foreign exchange trading platform said it had agreed to establish direct trading for the two pairs, starting on Sept. 26. Previously, trade occurred indirectly through third currencies such as the U.S. dollar.

Trading goods between the Gulf and China has grown rapidly in the last few years, although it has dropped off recently because of the weaker oil price. China is the UAE's second-largest trading partner and is Saudi Arabia's largest partner.

Financial trading links are also growing.

Sources told Reuters last month that Agricultural Bank of China would be allowed to clear yuan transactions in Dubai for the United Arab Emirates, making the bank the first Chinese lender in the UAE to do so. (Reporting by Tom Arnold; Editing by Andrew Torchia and Louise Ireland (Other OTC: IRLD - news) )