Before that, direct transactions have been launched for the RMB against currencies such as the Malaysian Ringgit, Yen, Australian Dollar, New Zealand Dollar and Pound. A number of industry and academics said that the direct transaction between the RMB and the Euro would help to promote the bilateral trades and investments between China and the Eurozone member states and facilitate the use of the RMB and the Euro in trade and investment settlements, and it could also meet the requirements for the costs of conversions among economic subjects.