During the last couple of days a number of brokers have continued updating their offerings. OANDA has become the latest with the removal of some managed float currencies such as the onshore Chinese yuan and the Taiwanese dollar.
The broker published an update on its website officially announcing the suspension of currency trading in the onshore Chinese yuan to be enforced the end of the trading tomorrow. With the risks associated with the onshore Chinese currency due to the increased stock market volatility in the country, and the limited access to the market, OANDA could be limiting its exposure to the instrument.
OANDA will continue offering the offshore Chinese yuan
Doubts about the sustainability of the Chinese yuan managed peg have been increasing in recent weeks, as the government has stated that it remains committed to liberalize the currency market in the country.
The Canadian division of OANDA will also stop offering trading for palladium (USD/XPD). The U.S. division will also scrap the Indian rupee cross to the U.S. dollar, while the European, Asia-Pacific, Australian and the Japanese divisions will only remove the Chinese yuan and the Taiwanese dollar.
OANDA will continue offering the offshore Chinese yuan which is much easier for hedging and is coded as USD/CNH, instead of the USD/CNY which is the suspended currency pair.
All the open positions of clients who are trading the USD/CNY will be closed at the market price registered at the closing of the trading day for the pair on Friday, the 17th of July.
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