FXDD Announces Four New Currency Pairs for Retail Traders including USD/CNH

FXDD, a leader in online Forex trading and education, today announced the addition of four new currency pairs available to

Seeing that Oanda offers a USD/CNY pair I became a little confused and this is what some good people helped me find:

  • Ever since the global financial crisis, China is increasingly pushing for renminbi internationalization. Authorities are carefully building up avenues for circulation of the currency between onshore and offshore. Cross-border trade settlement in CNY is the cornerstone of these schemes, but portfolio flows and ODI are also being opened, be it at a very slow pace.
  • Join the iFX EXPO Asia and discover your gateway to the Asian Markets

  • The CNH market, ie. the deliverable CNY market offshore in Hong Kong, is the most visible result of renminbi internationalization. CNH deposits in Hong Kong tripled last year, mainly on the back of cross-border trade, and are expected to rise further rapidly. CNH product development is growing fast, from a low base. Foreign investors and corporates can now access a variety of FX and rates CNH products.
  • This publication collects recent research notes on the CNH market. First, we explain how the avenues for CNH and CNY circulation fit together between onshore and offshore. Then, we make projections for growth in CNH deposits and trade settlement. Then, we categorize the FX and rates products that exist for foreign investors and corporates. Finally, we look at hedging and speculative opportunities available in the spot and forward CNH and CNY market

(source here)

New York, NY – Sept. 20, 2011 – FXDD, a leader in online Forex trading and education, today announced the addition of four new currency pairs available to all retail currency traders:

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  • United States Dollar/Offshore Renminbi (USD/CNH)
  • Euro/Turkish Lira (EUR/TRY)
  • United States Dollar/Singapore Dollar (USD/SGD)
  • United States Dollar/ Hong Kong Dollar (USD/HKD)

FXDD’s addition of the United States Dollar/Offshore Renminbi marks the first time a retail Forex broker is offering the USD/CNH pair to retail currency traders. The CNH, first launched as a proxy for the Chinese Renminbi in July 2010, was unavailable until now to retail traders.

The addition of the USD/CNH, EUR/TRY, USD/SGD, and USD/HKD positions FXDD at the forefront of emerging markets around the globe and ensures that FXDD customers have the ability to access competitive spreads, world-class customer service and top-tier Forex education. With the addition of these four new pairs, FXDD now offers twenty-seven currency pairs to its retail clients.

“We’re proud to be the first retail brokerage to offer the USD/CNH pair to its clients,” said Lubomir Kaneti, Chief Operating Officer at FXDD. “We always strive to be at the forefront of the Forex industry and the ability to trade these new pairs was in direct response to demand from FXDD customers and traders throughout the world.”

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