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Interbank forex trade rules eased
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CHINA has simplified procedures to allow financial institutions to trade on the interbank foreign exchange market to improve transparency in foreign exchange management, the forex regulator said yesterday.
Starting from January 1, financial institutions in China with license to trade spot foreign exchange and financial derivatives can participate in the interbank market without having to get administrative approval, the State Administration of Foreign Exchange said in an online statement.
Money brokers, which serve financial institutions in foreign exchange trade, are also allowed to trade financial derivatives, foreign exchange, and make interbank borrowing and lending deals.
The new rules aim to amplify the role of the market, improve regulatory framework, clean up outdated laws and regulations, and improve transparency of the market, SAFE said.
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