MANILA, Philippines — The Philippines and Japan inked an agreement for the possible establishment of a yen and peso direct trading framework as part of efforts to reduce foreign exchange risks. Japan was the Philippines’ second major trading partner last year with total trade at $20 billion. The BSP issued a letter of no objection to the organization of the RMB-PHP foreign exchange trading market through the RMB trading community. The community seeks to facilitate direct foreign exchange trading between RMB and peso. Bank of China Manila branch country head Deng Jun sees transaction volume of the platform hitting over 10 billion RMB.

Source: Philippine Star June 01, 2019 16:00 UTC