HSBC Bank (China) Company Limited (“HSBC China”) has been appointed a market maker to provide Malaysian ringgit liquidity as the Mainland on Thursday opened its domestic foreign exchange market to trades of the ringgit against the renminbi (RMB). HSBC is only one of three banks and the only foreign bank market marker for China’s sixth currency pair launched on Thursday.
HSBC China started trading the new currency pair on China’s interbank forex market Thursday. It will also provide ringgit exchange service through its branch network spanning 24 major cities in Mainland China, the largest network of any foreign bank.
I’ve been saying this for years: Chinese market will open up for foreign exchange trading soon enough and brokers operating, more or less unofficially for now, are doing the right thing as this market will explode in terms of volume.
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