Widely recognized FX news and information source gains distribution channel into the much-vaunted Chinese market
The allure of the mystic orient has been a subject of senior level discussion among executives across global FX firms over recent years.
With a willing and investment-savvy population, booming economy and very stringent controls on the legality of overseas firms wishing to vie for business, China is a focus for the vast majority of retail FX companies.
The very nature of the Chinese governmental controls which restrict the ability for business to be conducted by companies which are not Chinese necessitate specific distribution channels for the placing of Chinese clients with western firms, hence the high dependency on representative offices which generate a substantial proportion of trading volume from Chinese clients utilizing non-Chinese FX brokers.
Today, FX information website FXStreet has announced that it has gained a valuable inroad into China in order to sell its Forex news feeds, via m-FINANCE, a Hong Kong-based FX and bullion trading platform which also provides financial information services.
With a fourteen year history of expertise within the Asia Pacific markets, m-FINANCE’s trading platform solution is widely used by members of the Chinese Gold and Silver Exchange Society in Hong Kong, among others.
In this particular partnership, m-FINANCE and FXStreet will work cohesively in order to sell FXStreet’s News in Simplified and Traditional Chinese and English to m-FINANCE’s network of brokers through their platform, applications and clients websites.
This collaboration aims to open new markets for FXStreet through m-FINANCE’s extended network in Asia, in particular in China, while m-FINANCE will enrich its offer by adding this Forex news feed, a product already well implemented in the Western world but not in the East.
The Forex News feed of FXStreet is made of around 160 pieces of news per day in English and around 100 in Chinese.
It gives a technical radiography of the most traded currency pairs and the market’s latest movements, together with experts’ analysis and bank’s forecasts for making trading decisions.
The product is a household name among FX traders within the free market, and also includes stocks and commodities news as well as some of the most important economic indicators, as Central Banks interest rate decisions or Non-Farm Payrolls for example. FXStreet’s news are provided with technical studies and charts that can be integrated in any information website or broker’s currencies platform and enterprise wide.
“In order to achieve a successful penetration of our news service in China, we looked for a strong and local partner that would understand that market thoroughly”, stated Carolina May, FXStreet’s CEO. “We are very happy with this collaboration and hope it will grow as a long-term partnership.”
The ability to provide up to the minute information to an audience as important as that of the Chinese investors, FX companies worldwide will no doubt welcome this collaboration as a means of imparting essential information into traders, thus improving volume from the region.