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Interbank market opens to foreign agencies
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THE first batch of overseas central banks and similar institutions have been allowed to enter China’s interbank foreign exchange market, the People’s Bank of China said yesterday.
Seven such institutions have completed registration with the China Foreign Exchange Trading System, which signal their official access into the market, the central bank said on its website.
“This will contribute to greater openness of the Chinese foreign exchange market,” it said.
The institutions are the Hong Kong Monetary Authority, Reserve Bank of Australia, Hungarian National Bank, International Bank for Reconstruction and Development, International Development Association, World Bank Group Trust Funds, and GIC Private Ltd.
They can participate in the interbank forex market as foreign members, use existing interbank forex market members as their agents, or entrust the PBOC as an agent. They will be allowed to conduct yuan and foreign exchange trading of one or more traded forex products.
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