Home
China to extend onshore yuan trading hours next year in major reform
Doris Medina 17:06, Dec 23, 2015
"The trading hours extension is a vital step in bolstering the yuan's global use as this allows the exchange rate to reflect news taking place outside of Asia hours", said Kenix Lai, a foreign-exchange analyst at Bank of East Asia Ltd.in Hong Kong. The yuan will account for 10.92 percent of the International Monetary Fund's total reserve currency in October 2016, when it will become a part of IMF's Special Drawing Rights, accounting for more than both the yen and the pound. It also said it would permit more foreign investors to trade in the mainland yuan market now dominated by Chinese banks. Opening hours will remain unchanged at 9:30 a.m. THIN EVENING TRADE EXPECTED The central bank said the yuan's closing rates will be the level at which it is quoted at 4:30 p.m. local time to the surprise of some market players. Liquidity outside of regular Asia hours can be relatively poor, heightening the risk of unrepresentative exchange rates and manipulation, it said. It said it expects evening trading sessions to be thin initially, which traders agreed with. The yuan received an official nod to become a world reserve currency on November 30, and the Chinese government is pushing to increase global usage. CFETS, however, will announce the yuan's reference exchange rates during the evening session seven times each on the hour from 5:00 p.m.to 11:00 p.m., the central bank said. "The test will enable the CFETS to be poised to extend trading hours early next year", said one of the sources, adding that the exact starting date has yet to be decided.
Seating Chair - Independent NEWS Agency - SeatingChair.com http://seatingchair.com/2015/12/23/china-to-extend-onshore-yuan-trading-hours-next-year-in-56784.html
http://seatingchair.com/2015/12/23/china-to-extend-onshore-yuan-trading-hours-next-year-in-56784.html
Doris Medina 17:06, Dec 23, 2015
"The trading hours extension is a vital step in bolstering the yuan's global use as this allows the exchange rate to reflect news taking place outside of Asia hours", said Kenix Lai, a foreign-exchange analyst at Bank of East Asia Ltd.in Hong Kong. The yuan will account for 10.92 percent of the International Monetary Fund's total reserve currency in October 2016, when it will become a part of IMF's Special Drawing Rights, accounting for more than both the yen and the pound. It also said it would permit more foreign investors to trade in the mainland yuan market now dominated by Chinese banks. Opening hours will remain unchanged at 9:30 a.m. THIN EVENING TRADE EXPECTED The central bank said the yuan's closing rates will be the level at which it is quoted at 4:30 p.m. local time to the surprise of some market players. Liquidity outside of regular Asia hours can be relatively poor, heightening the risk of unrepresentative exchange rates and manipulation, it said. It said it expects evening trading sessions to be thin initially, which traders agreed with. The yuan received an official nod to become a world reserve currency on November 30, and the Chinese government is pushing to increase global usage. CFETS, however, will announce the yuan's reference exchange rates during the evening session seven times each on the hour from 5:00 p.m.to 11:00 p.m., the central bank said. "The test will enable the CFETS to be poised to extend trading hours early next year", said one of the sources, adding that the exact starting date has yet to be decided.
Seating Chair - Independent NEWS Agency - SeatingChair.com http://seatingchair.com/2015/12/23/china-to-extend-onshore-yuan-trading-hours-next-year-in-56784.html
http://seatingchair.com/2015/12/23/china-to-extend-onshore-yuan-trading-hours-next-year-in-56784.html
» utube MM&C 4/26/24 Iraqi Dinar - US Treasury Exchange Rates- Focus - Banking Partnerships - Rate C
» Parliamentary efforts to transform Iraq into a global market for transferring Internet capacities
» A parliamentary committee that enriches the political forces: Stop plundering Iraq’s wealth and work
» Politician: Salem Al-Issawi is the most likely to assume the presidency of Parliament
» The price of the dollar is close to 145 thousand dinars؛ how much is $100 worth of transactions؟
» Al-Sudani: The world today is witnessing crises whose impact has been reflected in the global econo
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
» Among them are the Iraqis... a list of the most sought-after immigrants to America
» An expert talks about the "biggest barrier" and the positives of merging Iraqi and Arab banks
» The House of Representatives adjourns its session
» Parliamentary demands to expedite the legislation of the Eid al-Ghadir holiday law (documents)
» Parliament adds the paragraph “Electing the Speaker of the House of Representatives” to its agenda
» Alsumaria publishes the text of the law against prostitution and homosexuality
» A parliamentarian reveals the reason for the failure of the Speaker of Parliament to pass during tod
» Al-Sudani: The government has launched many strategies and initiatives that will improve the reality
» International Business: Iraq has made progress in supporting businesses through investment and priva
» Association of Banks: Iraq is witnessing great development in the transition to electronic governmen
» The House of Representatives votes to add an item to its agenda (election of the Speaker of the Hous
» Parliamentary integrity: Combating corruption requires parliamentary legislation
» Al-Karaawi: America is trying to restrict Iraq
» The State of Law coalition moves to form the local government in Diyala
» The Sudanese and his battle against corruption.. Where is the fault with the government or with the
» Prime Minister's Advisor: We will see the dollar fall on the black market soon
» The Sunni blocs are resolute. The presidency of the Council is ours, away from Al-Halbousi
» Al-Sudani discusses with a workers’ organization his government’s steps in this field
» Parliament holds its session in the presence of 170 deputies
» In the presence of Nechirvan Barzani and Al-Sudani... the State Administration Coalition holds an “i
» The UAE company ADNOC resorts to Iraqi oil. Find out the reasons
» The Iraqi Parliament votes to add an item to elect a president to its agenda
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
» Al-Sudani: It is necessary to attract women to work as a productive energy that cannot be disrupted
» Zebari regarding targeting the Kormor field: a systematic attack on the economy of Kurdistan
» Saudi Arabia tops, and this is Iraq's rank... a list of major suppliers of crude oil to South Korea
» With a value of 125 million dollars.. Iraq is at the forefront of countries importing Iranian textil
» More than a billion dollars in sales from the Iraqi Central Bank within a week
» Al-Sudani stresses the need for the expertise of the International Labor Organization to legislate a
» Including the return of 21 wanted persons.. The Iraq Money Recovery Fund counts its achievements in
» The path to development is the criterion between true patriotism and political clowning.
» The file of the Presidency of Parliament is on the state administration table... this evening
» Director General of the International Labor Organization: Many challenges in the world of work and t
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
» Prime Minister: Our government has provided great support for the success of the activities, program
» Al-Asadi: Iraq places the social protection file among its priorities
» Al-Sudani: Iraq is one of the first countries in the region to join the International Labor Organiza
» In the presence of Al-Sudani and Barzani, the State Administration Coalition holds an “important” me
» Appreciating the presence of Al-Sudani... Director General of the Arab Labor Organization: Here from
» Prime Minister: Our government has provided great support for the success of the activities, program
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
» The Parliamentary Development Institute organizes a workshop on the political role of the representa
» With Arab and international participation. Tomorrow will be the start of the Fourth Baghdad Internat
» OPEC Secretary General: The end of oil is not on the horizon
» Closing a number of unlicensed offices and companies south of Baghdad
» Repercussions of the bombing...intensive government movements to resume work in the “Kormor” field
» In the presence of Al-Sudani...the opening of the Arab Labor Conference in its 50th session in Baghd
» Al-Sudani: We are working on drawing future visions regarding the “green and digital” economic secto
» Barzani after the Kormor attack: We are ready to coordinate with Baghdad to put an end to these atta
» Al-Sudani directs the formation of an investigative committee into the circumstances of the Kormo fi
» Bismayah is confused about the new electronic portal.. What about the landlord and the subcontracts?
» Kurdistan Government: Loss of 2,500 megawatts of electricity due to targeting the Kormor field
» Crisis in Kurdistan: 12-hour daily power outage and complaints of “confusion”
» The Supreme Anti-Corruption Commission demands Nineveh for the contracts concluded by “Najm Al-Jubou
» Al-Khanjar, Al-Samarrai, and Abu Mazen are hosted by Shaalan Al-Karim to discuss accelerating the se
» Iraq asks the countries of the world to respond to its requests to extradite wanted persons: We have
» “It is coming soon.” The Sudanese advisor sets the date for the referral of the Baghdad metro and th
» Al-Mubarqa: Iraq reserves its full right to respond to the Australian behavior
» Dollar exchange rates on Iraqi stock exchanges... recorded a decline, and this is the list
» Mr. Al-Sadr supports the position of American university students
» Iraqis are ranked 7th in the Arab world on the list of those most seeking immigration to America. He
» Soon.. 3 new hospitals will open in Baghdad
» Sponsored by Al-Sudani...the opening of the Arab Labor Conference in its fiftieth session in Baghdad
» Al-Shammari chairs a meeting at the controlling headquarters to review the results of the security o
» Arab Labor Organization: We commend Iraq's interest in the Arab Labor Conference
» Al-Sudani: The development road project will provide many job opportunities
» Sudanese advisor criticizes Kuwaiti analyzes regarding the development road project
» Al-Mandalawi stresses the need to strengthen economic and trade cooperation between Iraq and Poland
» Power maneuvers: America provides defensive weapons to Kurdistan in exchange for withholding from Ba
» Kuwait is drilling an oil well near Umm Qasr, towards Iraqi territory
» In the document... the first Iraqi ministry identifies the obstacles to changing the new official wo
» Italian Institute: Iraq is stuck in its own crises, including Baghdad’s efforts to undermine the “au
» The head of the Integrity Commission announces the holding of an international Interpol conference i
» Planning: Iraqi companies are not efficient in conducting the population census
» MM&C 4/25/24 National Bank of Iraq goes live with Temenos core banking and payments
» A banking official indicates a "danger" to Iraq by depriving more than half of its banks of dollars
» With the participation of the Association of Private Banks, investment opportunities are on the tabl
» Within a month... an Iranian border crossing recorded a noticeable increase in exports of goods to I
» The Association of Private Banks appreciates the efforts of the government and the Central Bank to c
» Al-Maliki's coalition presents a third candidate for the position of governor of Diyala
» Arab gathering: The Kirkuk problem is getting complicated and the Sudanese must intervene
» Next week.. a Kurdish delegation will visit Baghdad to meet with the Minister of Finance
» Under the pretext of salaries... Al-Party refrains from handing over port revenues to Baghdad
» Association of Banks: For the first time, we are witnessing a clear targeting of depriving half of t
» Parliament does not know the reason for the delay in sending the 2024 budget schedules: Voting takes
» Applicants for the 2024 Hajj are demanding that the Central Bank secure the dollar for them through
» Governmental and private banks will showcase their services tomorrow during Financial Inclusion Week
» Iraq's oil exports rise despite OPEC+ cuts
» A study explodes a "surprise"... Iraq is among the countries that export oil to "Israel": How is the
» Al-Araji emphasizes working to strengthen national identity
» Al-Sudani visits Saudi Arabia to participate in the World Economic Forum in Riyadh