Despite China’s anathema for all things crypto, Donald Tapscott, chairman of the Blockchain Research Institute and noted author on blockchain matters, believes that, over time, Chinese officials will get over their fears and embrace cryptocurrencies. In an interview with Bloomberg, he noted: In 20 years, we’re not going to be using bitcoin in China. The…
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NEX Markets, a NEX Group business which provides electronic trading technology services in the fixed income and foreign exchange (FX) markets, announces today that Bank of China (Hong Kong) Limited, a mainstream bank as well as an integrated and regional financial group with roots firmly planted in Hong Kong for 100 years, will be joining…
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It isn’t a coincidence that the Dollar pulled back at the same time the Renminbi saw its biggest two-day gain on record.
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The China Foreign Exchange Trade System (CFETS), the interbank trading and foreign exchange division of China's central bank, the People's Bank of China (PBoC) has announced 7 new direct renminbi trading links. The seven currencies which PBoC will launch direct trading as of Monday, December 12th include the Turkish lira (TRY), Polish zloty (PLN), the…
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Today, Singapore Exchange (SGX) one of Asia’s leading and trusted market infrastructures reported October volume metrics. Overall, the exchange reported down numbers as you can read below, as traders and investors have taken a wait-and-see approach to the markets. For currencies, total FX Futures volume came in at 499,028, down 11% month-on-month and up 5%…
Read moreWith the International Monetary Fund (IMF) announcement of the launch of the new Special Drawing Right (SDR) valuation basket including - for the first time - the Chinese Renminbi (RMB), we are pleased to present some comments on what this means from two FX / China experts: Rachael Hoey, Head of Asia at CLS and Dan Marcus, CEO…
Read moreThe People's Bank of China (PBOC), China’s central bank announced today it authorized Bank of China's (BOC's) New York branch to provide Renminbi (RMB) clearing services in the United States. It is the first time for China to set up an RMB clearing bank in the United States. The decision was made according to a…
Read moreASX today announces that it has launched a renminbi (RMB) securities depository service. The new service extends the portfolio of RMB services developed by ASX in cooperation with the Bank of China Limited, Sydney Branch (Bank of China) for Australia’s financial markets. ' The depository service enables issuers to issue RMB-denominated securities directly into Austraclear…
Read moreWith the developing relationship between China and Russia, it was announced today that leading Russian financial group - VTB Group (MCX:VTBR) is seeing considerable increase in the number of RMB operations. Specifically the bank saw 1H2016 vs. 1H2015 record an almost 70% increase in the number of RMB remittances processed, which accounted for more than 5,000 operations with the volume exceeding RMB 45bn.…
Read moreTaiwan's central bank said this past week that it will require complex, high-risk Forex derivative instruments to go through regulatory approval before allowing banks to sell such products to clients, as first reported by Reuters. Currently, some financial products can be sold by banks to their customers without much regulatory oversight. The tightening comes after…
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