Australian FX broker, AxiTrader has announced it will release a total of 16 new currency pairs to traders, including access to the Chinese yuan via the USD/CNH, according to a company statement.
Yuan Demand a Driving Factor
AxiTrader maintains a robust fx trading platform, now bolstered by the inclusion of the yuan – ultimately, the yuan’s importance, worth and volumes towards traders serve as an indicator for macro trends and other various economic measures in China. According to Goran Drapac, CEO at AxiTrader, “We are always excited to add additional opportunities for our clients, particularly the yuan, which will be especially popular among our growing number of clients interested in the Chinese markets.”
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Formerly Rigid Regulation Gives Way
Chinese officials, who invariably seek to have the currency begin to mount a challenge against the US dollar as the world’s paramount reserve currency, also should favorably meet the increased attention of the yuan by AxiTrader. The path towards legitimacy by the yuan has certainly been hard fought relative to other currency mainstays – more than five years ago several trading restrictions existed for yuan.
Australia represents one of four other countries that deals extensively with the yuan, the others including Singapore, China, Hong Kong and Germany.