CHINA: CFETS Introduces Direct Trading Between RMB and GPB

Monday June 23 2014

On 19 June 2014, direct trading between RMB and GBP was launched to improve the trading mode between RMB and GBP on the inter-bank foreign exchange market.

1. A market making system is adopted in the direct trading between RMB and the Great Britain Pound in the inter-bank foreign exchange market.

2. The central parity of RMB against the Great Britain pound is calculated from the direct quotations offered by the market markers instead of from the cross rates between the central parity of RMB against the US dollar and the exchange rate of the US dollar against the Great Britain pound.

3. The CFETS is responsible for the operation and technological support for direct trading between RMB and the Great Britain pound on the inter-bank market.

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