BEIJING — A trading association for the Chinese yuan sponsored by the Bank of China and 13 Filipino banks signed an agreement in Manila to allow direct exchange between yuan and pesos, China’s state television reported on Tuesday.
The yuan-to-peso exchange market, to be managed by the association, expects to start trading from late November, according to a report published on the Chinese state broadcaster’s mobile application. The agreement was signed on Tuesday, the report said. — Reporting by Beijing Monitoring Desk; Editing by Simon Cameron-Moore