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CFETS: 8 Offshore RMB Clearing Banks Greenlighted for Pilot FX Trading
2026-11-10 10:17:53 China Foreign Exchange Trade System (CFETS) announced support for eight offshore RMB clearing banks, including ICBC Singapore Branch, ABC Dubai Branch, BOC (Hong Kong), BOC New York Branch, CCB London Branch, DBS Bank, Deutsche Bank and First Abu Dhabi Bank, to orderly prepare for pilot business operations. Recently, ICBC Singapore Branch, ABC Dubai Branch, BOC (Hong Kong) and BOC New York Branch completed the first batch of pilot FX transactions in the interbank FX market with multiple domestic and overseas market participants. Trading products included spot, forward and swap transactions, while currency pairs included RMB against USD, EUR and SGD. The move allows the eight pilot offshore RMB clearing banks, subject to regulatory requirements, to conduct RMB FX trading facilitation within certain quotas. This is envisioned to further promote the high-level two-way opening of China's FX market, foster coordinated development between onshore and offshore markets, and support the internationalization of the RMB. Going forward, the China Foreign Exchange Trade System said it will steadfastly implement relevant policy arrangements of the People's Bank of China and continue enhancing the external service capabilities of onshore and offshore RMB FX trading platforms to support the high-level opening-up of China's FX market. ~ AASTOCKS Financial News Website: www.aastocks.com | |