As interest for traders builds in the speculation of Chinese Yuan (CNH) related currency pairs, following recent moves to make this currency more freely floated, US-based FXCM, a global broker with offices around the world, has today announced that it is offering USD/CNH trading to all clients on all of its platforms – except for in Japan.
The pair provides clients with access to indirect exposure to China’s Renminbi (RMB), the offshore version its on-shore currency the Chinese Yuan. The RMB had been introduced by the Hong Kong Monetary Authority (HKMA) and Peoples Bank of China (PBoC), so that investors outside of mainland china could gain exposure to the local currency -indirectly.
Commenting in the official press release, FXCM Chief Executive Drew Niv said, “We are excited to offer the USD/CNH across different platforms as this will allow clients to take advantage of growing international markets,” and concluded regarding the firms plans ongoing efforts for regionally focused product diversity, “FXCM is continuously working to diversify its product offering to the global trading community.”
How to Prepare for CySEC’s New Tiered LeverageGo to article >>
Forex Magnates recently covered a number of brokers launching CNH-related pairs, as the interest is clearly growing for forex traders looking for currencies that are moving higher in the ranks of globally traded by volume. Just two days ago Saxo Bank announced an options contract for the USD/CNH pair. Bloomberg had launched a dynamic Currency Index which aims to include only the most traded currencies for inclusion in its calculation of the Bloomberg Dollar Index, which re-balances annually based on the results of global rankings of most traded pairs.
For FXCM, as it focuses in Asia, and as traders start to examine trading opportunities within the USD/CNH pair, the launch should help add to the growing momentum of interest that China’s currency has attracted and a trend that appears here to stay for now.
The news follows FXCM previous annual report, as reviewed by Forex Magnates.