Chinese banks bought 768.8 billion yuan and sold 1.12 trillion yuan in foreign currencies for clients, resulting in 356.2 billion yuan of deficit in March, meanwhile the Shanghai Free Trade Zone has introduced foreign currency services, reducing entry barriers for foreign business
Read moreMoscow Exchange, the leading marketplace for trading currencies and derivatives in Russia and the Commonwealth of Independent States, is enhancing its trading instruments lineup. Starting today, March 17th, the venue offers its clients to trade futures contracts on the pair Chinese Renminbi/Russian Rouble (CNY/RUB). In its announcement, the Exchange says the main rationale for the…
Read moreReuters latest Asian currency survey reveals that bullishness in the Chinese yuan hit a near seven-month high, while sentiment on most emerging Asian currencies slightly deteriorated in the last two weeks on global economic risks, a Reuters poll showed on Thursday. Sentiment on the yuan turned the most optimistic since late January, as investors piled…
Read moreYuan clearing will be extended to 20.5 hours, increasing London and New York's ability to conduct more business and increasing access to yuan liquidity.
Read moreIn a telling info-graphic from the Korea Herald, they point to the high interest rates that RMB deposits are paying thus creating a higher demand for holding accounts denominated in renminbi rather than low interest paying currencies such as the dollar. In South Korea, renminbi deposits amounted to $16.2 billion according to the central bank,…
Read moreChina's central bank said on Wednesday that the Chinese currency will be traded directly against the British pound in the interbank foreign exchange market, in the latest step to facilitate investment and bilateral trade between China and Britain. This update comes as finally China Construction Bank was named the clearing bank in London for the…
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