The firm also improves spreads on all existing spot CNH crosses
Saxo Bank, the largest European-based Forex trading firm (and a member of LeapRate’s Approved List of Forex firms) has today added a new FX spot cross to the platforms. The bank is now trading spot gold against Chinese offshore renminbi (XAUCNH).
Elizabeth Missfeld who works as a hybrid at Saxo Bank’s dealing desk writes: “The launch is a reflection of China’s emergence as the world’s second-biggest economy, just as Beijing has become engaged in efforts to rebalance the economy away from an investment-led model to a more consumer-driven economy.”
“China also last year became the largest buyer of physical gold overtaking India in the process, partly as a reflection of gold’s plummet in the summer of 2013, and partly driven by a safe-haven push to diversify their wealth.”
At the same time, Saxo Bank has improved spreads on all existing spot CNH crosses.
The spot offerings include USDCNH, EURCNH, AUDCNH, CNHJPY, CNHHKD and XAUCNH.
The internationalization and increasing importance of the Renminbi is moving full speed ahead as we have been covering on LeapRate. Watching the trickle down effect into retail offerings and platforms for FX traders is exciting to all market participants. As the Chinese currency becomes more trader friendly, a big piece to the world economic puzzle is being integrated into the global economy.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.