With the authorization of the People's Bank of China, the China Foreign Exchange Trade System (CFETS) has announced on 29 September, 2014 to launch direct trading between RMB and Euro on the inter-bank foreign exchange market. This is an important step in strengthening bilateral economic and trade connections between China and Eurozone member states. And China and the Eurozone member states will make further efforts to mutually promote the direct trading between the two currencies based on market principle.

Development of direct trading between RMB and Euro will contribute to the formation of direct exchange rate between the two currencies. This will help lower currency conversion cost for economic entities, facilitate the use of RMB and Euro in bilateral trade and investment, promote the financial cooperation and enhance economic and financial ties between China and Eurozone member states. The People's Bank of China actively supports the above-mentioned measure adopted by the CFETS.