Tag: cny

Daily Market analysis
August 05, 2019 BY Valentina Kirilova

Daily market commentary: Trump's new tariffs affect the Yuan

ActivTrades’ Market Analysts have prepared for LeapRate their daily commentary on traditional markets for August 5, 2019. See details below: FOREX The Yuan devalued over 1% against the US Dollar during early Monday trading, the sharpest drop for the Chinese currency, since the 2008 financial crisis, with one Dollar now worth more than 7 Yuan.…

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December 10, 2016 BY admin

China launches 7 new direct currency pair links with renminbi

The China Foreign Exchange Trade System (CFETS), the interbank trading and foreign exchange division of China's central bank, the People's Bank of China (PBoC) has announced 7 new direct renminbi trading links. The seven  currencies which PBoC will launch direct trading as of Monday, December 12th include the Turkish lira (TRY), Polish zloty (PLN), the…

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July 07, 2016 BY Valentina Kirilova

EBS BrokerTec and ICAP Information Services launch the EBS CNH Benchmark

EBS BrokerTec, ICAP's electronic foreign exchange (FX) and fixed income business and ICAP Information Services (IIS), the information division of ICAP, have announced today that they have launched the ‘EBS CNH Benchmark’, the first fully electronic, trade-backed reference rate for the offshore Chinese renminbi (CNH) market. The benchmark has been launched following considerable interest from…

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July 07, 2016 BY Valentina Kirilova

China raises Reserves requirement as Yuan hits 5+ year low

China puts into action requirements for foreign firms to settle foreign exchange forward yuan positions in the onshore market, the country's foreign exchange trading platform, operated by the central bank, said in a statement on Wednesday. Foreign firms will need to set aside 20% of the previous month's yuan forwards settlement amount as foreign exchange…

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February 04, 2016 BY Mike Fox

TransferWise now supports renminbi transfers to Chinese UnionPay

TransferWise announced today it now supports Chinese Yuan (CNY) transfers to Chinese UnionPay card accounts. The service starts off with a fee starting from ¥24 ($3.65). China is currently the most expensive major currency corridor, according to the World Bank, with the average cost of sending $200 (£140) from the UK to China standing at…

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January 28, 2016 BY Maria Nikolova

SWIFT: Chinese yuan accounts for 2.31% of global payments in Dec'15

The latest SWIFT RMB Tracker, the study which tracks the Chinese yuan international adoption, was published today, showing that the Chinese currency gained share as a world payments currency in December 2015. In the last month of 2015, the RMB accounted for 2.31% of global payments, with an increased market share compared to 2.28% in…

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January 18, 2016 BY Mike Fox

PBoC raises the reserve ratio requirement on offshore yuan

Today we learned from multiple reports emanating from the People's Bank of China (PBoC) that the Chinese central bank is going to place a reserve requirement on offshore renminbi, still mostly traded through Hong Kong banks. The move could be aimed at discouraging speculators that continue to bet that the CNH - offshore yuan could go lower. This all…

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January 06, 2016 BY Mike Fox

Record gap between renminbi rates widens as China devalues again

Today The Financial Times (FT) made note that the gap between the Chinese renminbi’s two exchange rates (offshore RMB and onshore RMB) has widened to a record spread. This has fueled speculation that China intends to allow its currency to fall at a faster rate than has previously been seen. Since August, the People's Bank of China (PBoC) said…

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November 30, 2015 BY Maria Nikolova

Bank of Russia adds Chinese yuan to FX reserve basket - TASS

Just ahead of a crucial vote at the International Monetary Fund (IMF) on whether the IMF will include the Chinese currency into its special drawing rights (SDR) basket, the Bank of Russia appears to have added the yuan to its Forex reserve basket. According to a report by Russia's information agency TASS, referring to two sources…

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