China to extend onshore yuan trading hours next year in major reform

Hong Kong

CHINA'S central bank said on Wednesday it would extend the yuan's trading hours on the Shanghai-based foreign exchange market from Jan 4, in a major step forward on reforms that will help onshore and offshore rates converge.

The extension will also allow trading in the Chinese forex market to overlap with European trading hours in Beijing's latest effort to internationalise its currency, traders said. Reuters cited the central bank's plans to extend trading hours, in October, citing market sources.