There is an interesting piece of news confirming the growing interest in Chinese yuan trading.
According to a report in the Financial Times, HSBC Holdings plc (LON:HSBA) is about to become a market-maker for trading the renminbi and the Swiss franc in the country’s interbank Forex market.
HSBC, known as a long-standing advocate of the internationalisation of the Chinese currency, is the only overseas bank that trades all the renminbi’s existing available currency pairs, comments Roger Blitz.
Ryan Song, HSBC’s head of markets for China, says:
The internationalisation of the RMB has been progressing rapidly as China rolled out a series of policy measures to improve settlement infrastructure and pricing mechanisms that aim to stimulate greater cross-border use of its currency worldwide. We believe the RMB is well on its way to becoming a fully convertible, global currency.
The SWIFT report for September 2015 shows that the Chinese currency fell back to position #5 in the ranking table of currencies for international payments by value. This happened just a month after the RMB ranked #4, overtaking the Japanese yen.
Amid the companies that most recently beefed up their renminbi offering is Swissquote. Last week, the company announced the addition of various trading instruments to the lineup, including the USD/CNH pair.