More offshore renminbi currency pairs to go electronic
Icap plans to launch electronic cash trading for offshore renminbi against yen, Hong Kong dollars and euros within weeks to support its renminbi/ US dollar initiative.
UK interdealer broker Icap will launch plans to expand its electronic trading or offshore renminbi by offering three new currency pairs, EUR/CNH, JPY/CNH, and HKD/CNH, on its EBS trading platform within two weeks. The move will supplement Icap's existing USD/CNH offering.
CNH is the abbreviation used in foreign exchange markets to identify offshore renminbi traded in Hong Kong, which is different from the standard symbol, CNY. All CNH trades will settle in Hong Kong.
"We've seen quite strong
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