China to extend onshore yuan trading hours next year in major reform
Move marks first step towards developing yuan as global reserve currency
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
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.
Share with us your feedback on BT's products and services
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
OCBC is said to emerge as lead bidder for HSBC Indonesia assets
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
