China allows brokerage to trade in interbank FX market

Guotai Junan Securities, China’s third-largest broker by profits, has received regulatory approval to start trading in the interbank foreign exchange market. The move would represent the latest step by Beijing to liberalise the country’s tightly-controlled financial markets. It marks the biggest reform in its forex market since the central bank doubled the daily trading range for its yuan currency in March.

Guotai Junan will be allowed to trade in the spot market, settle and sell foreign exchange and engage in renminbi and foreign exchange derivatives business, the sources said. The sources declined to be identified as they are not allowed to speak to the media.

Reuters reporting from Beijing broke the news and is reporting that officials at Guotai Junan declined to comment as well as officials at China’s FX regulator.

During 2004-2011, the company has been top-ranked in World Brand Lab-China’s 500 Most Valuable Chinese Securities Brands. While in 2008-2012, it has obtained Class A AA-level according to the securities classification of the China Securities Regulatory Commission for five consecutive years.

The broker offers the following services:

  • Brokerage
  • Finance Consultancy on Securities Investment and Trading
  • Proprietary Investment
  • Asset Management (Subsidiary)
  • Securities Underwriting and Sponsors
  • Equity Investment (Subsidiary)
  • Securities Investment Consultancy
  • Commodity/Financial Futures Brokerage (Subsidiary)
  • IB for Futures Companies
  • Fund Management and Establishment (Subsidiary)
  • Fund Distribution
  • Oversea Business(Subsidiary)Margin Trading and Securities Lending
  • Other business approved by China Securities Regulatory Commission

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China allows brokerage to trade in interbank FX market


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