China waives transaction fees between yuan and 12 currencies to boost yuan, skip US dollar

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China waives transaction fees between the yuan and 12 currencies for three years in its onshore foreign exchange market, a move analysts say will promote the yuan’s usage in settlements and skip the US dollar amid escalating tensions between the world's two largest economies.

China is waiving fees associated with bidding and asking prices in interbank trading of the yuan and the dozen currencies from August 1, the State Administration of Foreign Exchange (SAFE), China’s exchange regulator, said in a notice this week.

The 12 currencies include the Singapore dollar, Russia rouble . . .

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