China to expand FX trading
(16 March 2005 – China) China’s largest foreign exchange bank, Bank of China, said it had signed an agreement with China Foreign Exchange Trade System (CFETS) to cooperate in FX trading and borrowing and clearing services.
"Bank of China, as a market maker, will actively participate in the trading of eight foreign currency products to be launched on the CFETS," the bank said.
Trading is expected to begin in May and country analysts believe the FX system could be improved in advance of the liberalisation of China’s currency.
China’s FX market currently trades the Chinese yuan against the US dollar, the Hong Kong dollar, the euro and yen. This will be extended to include the US dollar against the euro, yen, HK dollar, the Australian dollar, sterling, Swiss franc, and the Canadian dollar, and also the euro against the yen.
HSBC, Deutsche Bank, Citigroup plus BOC and CITIC Industrial bank have been selected as market makers in the new FX trading.
Trading is expected to begin in May and country analysts believe the FX system could be improved in advance of the liberalisation of China’s currency.
China’s FX market currently trades the Chinese yuan against the US dollar, the Hong Kong dollar, the euro and yen. This will be extended to include the US dollar against the euro, yen, HK dollar, the Australian dollar, sterling, Swiss franc, and the Canadian dollar, and also the euro against the yen.
HSBC, Deutsche Bank, Citigroup plus BOC and CITIC Industrial bank have been selected as market makers in the new FX trading.
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