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China extends trading hours for yuan

by ChemOrbis Editorial Team - content@chemorbis.com
  • 24/12/2015 (15:48)
China’s central bank, the People’s Bank of China (PBOC), announced that the country will extend trading hours for its local currency as of next month, according to media reports. The decision came following the International Monetary Fund’s inclusion of yuan in its elite reserve currency basket, joining the dollar, euro, yen and pound as of October 2016.

According to PBOC’s statement, trading hours for the yuan in the Foreign Exchange Trade System will close at 11.30 pm local time compared with the current 4.30 pm, though the yuan’s spot rate at 4.30 pm will be the last price of the day.

The move is expected to attract more overseas banks and help accelerate the development of China’s foreign exchange market.
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