Interbank forex market more open
Print Edition
CHINA’S central bank yesterday allowed more overseas central banks and similar bodies to enter the country’s interbank foreign exchange market.
Seven such institutions completed registration with the China Foreign Exchange Trading System, which signaled their official access to the Chinese forex market, the People’s Bank of China said on its website.
The move brought the total number of central banks and similar institutions in the market to 14 and will help steadily promote the openness of the market, the PBOC said.
China first opened its interbank forex market to foreign central banks, international financial institutions and sovereign wealth funds in November, when seven were allowed to enter the market.
The seven newcomers are the Reserve Bank of India, the Bank of Korea, the Monetary Authority of Singapore, Bank Indonesia, the Bank of Thailand, the Bank for International Settlement, and the International Finance Corp.
They can directly participate in the interbank forex market as foreign members, use existing interbank forex market members as their agents, or entrust the PBOC as their agent.
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