GFT Markets, a leading global provider of retail derivatives, has announced that clients will be able to trade the Chinese Renminbi against both the US dollar and the Japanese Yen on a spot basis. Using the Hong Kong deliverable (CNH), GFT Markets’ clients will have access to the currency at a time when both Beijing and Washington face the prospect of leadership changes that could markedly influence the relationship between the two superpowers.
Gary Tilkin, President at GFT Markets, commented:
“As a business we work hard to innovate and ensure we can deliver the highest quality products to our customers. A number of other forex providers have gone down the route of allowing clients to trade on the non-deliverable forward (NDF) price, but this can be constrained by liquidity issues. Given the focus we put on ease of execution – and the feedback we receive from our customers – we realized that with this currency only a spot market price would be acceptable.”
What is Paper Trading and Why it Matters?Go to article >>
The Chinese currency may be strongly influenced by central bank policy, but moves are bi-directional and the Renminbi is being allowed to appreciate gradually as Beijing responds to international pressure. The Republican presidential candidate Mitt Romney has however made no secret of the fact that he is prepared to stand up to China should he be elected and wants to see faster appreciation of the currency.
Vito Henjoto, Market Analyst at GFT Markets, added:
“Traditional markets may have been somewhat rangebound of late, but with a growing number of items on the geopolitical agenda, the trading opportunities offered on the Renminbi may well act as a welcome respite and our customers will now have the ability to trade this currency.”
GFT Markets has been providing clients with access to currency markets since 1997. Highly competitive spreads, speed of execution and exceptional levels of customer service are frequently cited as being amongst the reasons customers choose to trade with GFT, where over 120 currency pairs are now offered.