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Economy

China extends trading hours for interbank forex market

1
2015-12-24 09:16Xinhua Editor: Gu Liping

China will extend the trading hours for the interbank foreign exchange market by seven hours, according to a statement released on Wednesday by the People's Bank of China.

Effective on Jan. 4, 2016, the closing time for interbank foreign exchange market will be extended from 4:30 p.m. to 11:30 p.m. Beijing time, with the opening time unchanged at 9:30 a.m.

Despite the extension of trading hours, the closing rate of the yuan against the U.S. dollar will still be the spot quotation at 4:30 p.m. because relatively poor liquidity at night may cause big fluctuations, leading to a less representative closing price, the PBOC explained.

International and regional banks doing large yuan business will be able to trade products including spots, forwards, swaps and options on China's interbank market, but cannot be market makers for the time being, the statement said.

The central bank's allowed foreign central banks, sovereign wealth funds, and international financial institutions into the market on September 30.

The extension of trading hours and expansion of foreign entities in the market will close the gap between the onshore and offshore yuan exchange rates, the statement said.

  

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