China Foreign Exchange Trade System, a subsidiary of the People’s Bank of China has launched its multi-bank portal built with foreign exchange technology from Reuters. China Foreign Exchange Trade System (CFETS) is the only organisation licensed to trade foreign exchange in China. CFETS member banks will benefit from a real-time, internet-based foreign exchange multi-bank portal, thereby facilitating the growth of FX trading in China. The financial institutions which have the permission to trade foreign currencies will be able to trade streaming executable FX prices contributed by 10 price making institutions. The FX prices are provided by leading global institutions namely ABN Amro, Bank of China, Bank of Montreal, Citic, Citibank, Deutsche Bank, HSBC, ICBC, ING and the Royal Bank of Scotland. This CFETS portal will enable China’s foreign exchange market to begin trading of eight foreign currency pairs – the U.S. dollar against the Euro, Yen, Hong Kong dollar, Sterling, Swiss franc, Australian dollar and Canadian dollar, plus the Euro versus the Yen.
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