As interest for traders builds in the speculation of Chinese Yuan (CNH) related currency pairs, following recent moves to make this currency more freely floated, US-based FXCM, a global broker with offices around the world, has today announced that it is offering USD/CNH trading to all clients on all of its platforms – except for in Japan.
The pair provides clients with access to indirect exposure to China’s Renminbi (RMB), the offshore version its on-shore currency the Chinese Yuan. The RMB had been introduced by the Hong Kong Monetary Authority (HKMA) and Peoples Bank of China (PBoC), so that investors outside of mainland china could gain exposure to the local currency -indirectly.
Commenting in the official press release, FXCM Chief Executive Drew Niv said, “We are excited to offer the USD/CNH across different platforms as this will allow clients to take advantage of growing international markets,” and concluded regarding the firms plans ongoing efforts for regionally focused product diversity, “FXCM is continuously working to diversify its product offering to the global trading community.”
FXCM is focusing in Asia, and as traders start to examine trading opportunities within the USD/CNH pair, the launch should help add to the growing momentum of interest that China’s currency has attracted and a trend that appears here to stay for now.