So focused has China become on branching into other regions of the world with home-grown products, that the well-worn tagline “Made in China” may soon be superseded by “Made By China”.
Today, as the People’s Republic gains a greater foothold in global business, the retail FX industry is subject to a new entrant from China, FXPRC, which has been granted a CIF license by Cypriot financial markets regulator CySec.
In this particular case, PRC does not stand for People’s Republic of China, but instead Performance Ronnaru Company Ltd, the moniker which represents the name by which the firm operates.
With the CySec register having been updated to display FXPRC’s registration number 317107, no address has been added yet, however in accordance with CySec rules, an office with key personnel including a Compliance Officer must be stationed in Cyprus.
With the tables turning on the Western markets with an ever strengthening Chinese economy and electronic trading ecosystem, and many Western retail FX firms having focused their efforts on attracting clients from China, the establishment of FXPRC in Cyprus represents the potential strength of domestic Chinese firms and their ability to take on the West.