China’s forex volumes quadruple since 2006, reach $14.2 trillion in 2011

0 Comments

If anyone needed further data why Chinese market is by far the next big thing in forex then State Administration of Foreign Exchange (SAFE) is releasing the following information: China’s foreign exchange market saw its transaction volume hit 14.2 trillion U.S. dollars in 2011, up four times from 2006. From 2007 to 2011, forex transaction volumes soared by an annual average of 40.3 percent, the  said in a statement.

At the end of 2011 there were 319 authorized businesses operating in the foreign exchange activity, out of them 318 were active and the daily average transaction volume reached 58.1 billion U.S. dollars.

China allowed the direct trading of the yuan against the Australian and Canadian dollars in November last year, following the introduction of the Malaysian ringgit and the Russian ruble into the interbank forex market in 2010. A total of nine foreign currencies, including the U.S. dollar, HK dollar, Japanese yen, euro and British pound, can be traded on China’s interbank foreign exchange market.

China Union Pay was allowed to start processing forex deposits again after a 3 months hiatus just yesterday.  In the past year or so Chinese government is taking gradual steps to liberalize the Yuan and allow the creation of offshore Yuan trading hubs in Hong Kong and UK.

The Chinese regulators recently allowed Yuan Options as well as futures contracts on the CME. FXDD offers USD/CNH trading and so does OANDA with USD/CNY pair.







 
More information on this subject is found in the latest Forex Magnates Quarterly Report


Comments are closed.

We do not store your information and we do not disclose our sources.


Leave your name/email (not required) if you'd like to be contacted about this story (will not be disclosed):



Digital Currencies

Expert Articles

Fintech, Startups & New Products

Bitcoin Picks: OpenBazaar to Launch Beta, Banco Santander to Devise Bitcoin Strategy

With Bitcoin prices stabilizing around $500 in the final week of August, news about the digital currency this week include Santander devising a Bitcoin Strategy...

University of Zurich students launch CoinBlesk, a bitcoin payment mobile app

Students from the University of Zurich have launched a bitcoin payment mobile app called CoinBlesk. The open source app allows for the instant transfer of...

Huobi’s bitVC launches “Fixed-term Financial Products” backed by mining activities

Huobi’s bitVC has launched “Fixed Term Financial Products” called “digVC” with a duration of 60 days. Also termed “The World’s First Hashing Power Mortgage”, 2000 subscriptions...

More Digital Currencies

charlie trumpess, Ariel Communications

Making the Most of Gamification: Part 2

Gamification lends itself most obviously to marketing campaigns and loyalty programs, but its scope is really limitless. The FX world relies heavily on education to...

date

First Client Meeting… Like A First Date?!

Upon starting a new job, we are very excited. We try to impress our others by speaking and acting in just the right way. But...

Juan Colon, Darwinex

Advantages And Disadvantages Of Copy Trading

Traders can collaborate with peers with the same interests, exchanging mutually beneficial trading related information. One such approach is fx copy trading, whereby “Leaders” publish...

More Expert Articles

invstr ios app

Invstr – Making Financial Trading Social One App Download at a Time

Launching recently is social finance app Invstr. The app oofers a gamified version of trading to help users sharpen their investment skills, learn about the market, and communicate with other traders.
Read more

FxPro Launches New In-House Developed Web Trader for MT4 Customers

Expanding its list of in-house developed technologies, FxPro has launched a new webtrader to clients. The trading platform replaces their previous version which was licensed from a 3rd party provider.
Read more

More Fintech, Startups & New Products

Forex Research

Recent Comments

Note: Copyright © 2014 Forex Magnates. All rights reserved.

All materials contained on this site are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Forex Magnates. You may not alter or remove any trademark, copyright or other notice from copies of the content. All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you.Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at Forex Magnates are those of the individual authors and do not necessarily represent the opinion of Forex Magnates or its management. Forex Magnates has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by Forex Magnates, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. Forex Magnates will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2014 "Forex Magnates Inc. - Home of the Forex Elite" All Rights Reserved.