China to open yuan trading branches in London and New York as currency

The China Foreign Exchange Trade System (CFETS), China’s  state-owned currency marketplace is preparing to open  yuan trading branches in London and New York as part of efforts to promote the yuan’s global status, it has confirmed. It is also planning  to increase levels of cooperation with overseas trading platforms, and is eventually aiming to provide 24/7 trading services. “CFETS is willing to provide comprehensive service and support to British institutions who participate in China’s inter-bank market, and strengthen cooperation with them as Chinese companies go offshore,” its  executive vice president Sun Jie said this weekend
CFETS provides an electronic bidding system for the yuan against foreign currencies. It also offers cross-rate trading, as well as RMB interbank lending and bond trading. Yuan-based trading on CFETS totalled RMB 618.12trn  (more than $93trn) in 2015, according to the official Xinhua news agency.

Source: reuters