China to extend FX market trading hours to further internationalise yuan
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CHINA’S central bank said on Friday (Dec 30) that it will extend interbank foreign exchange market trading hours, a move to further internationalise the Chinese currency.
The People’s Bank of China (PBOC) said it would extend trading hours for its interbank foreign exchange market to 3 am (1900 GMT) from 11.30 pm (1530 GMT), according to an online statement.
Following the adjustment, the new daily trading hours will be from 9.30 am (0130 GMT) to 1900 GMT. And the PBOC said the decision was to “cover more trading sessions in Asian, European and North American markets”.
It would “facilitate global investors and further enhance the attractiveness of yuan-denominated assets,” the central bank said in the statement.
The PBOC said the adjustment, which will apply to spot, forward, swap, currency swap and option trades, would come into effect on Jan 3, 2023. REUTERS
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