Due to the operation of the RMB clearing bank in the United States, trading with Chinese companies has been made a lot more simple for the CME
As One of USA's major exchanges, CME's average daily trading volume with China this August amounted to 70,000 units. Until later September all these trades had to go through the complete process of converting the RMB into other forms of exchange.
Experts pointed out the move was long expected, as it has filled a major gap in the system of global institutions designed to promote a higher level of use of RMB in the global market. In the first half of 2016, the amount of settlement by the RMB in the United States is valued at about 15 trillion US dollars .
This step seems more important as RMB trades in the United States tend to be driven by the market, instead of pushed by the government or central banks as in other countries.
In line with the increased use of the RMB as a global currency, the International Monetary Fund on Friday added the RMB to its new Special Drawing Rights (SDR) basket, effective from Oct.
Retail traders can trade RMB options with any of the 5 UK Binary Brokers and also with any of the top 5 UK Forex Trading Brokers you can learn more about trading forex in FX 4 UK
As One of USA's major exchanges, CME's average daily trading volume with China this August amounted to 70,000 units. Until later September all these trades had to go through the complete process of converting the RMB into other forms of exchange.
Experts pointed out the move was long expected, as it has filled a major gap in the system of global institutions designed to promote a higher level of use of RMB in the global market. In the first half of 2016, the amount of settlement by the RMB in the United States is valued at about 15 trillion US dollars .
This step seems more important as RMB trades in the United States tend to be driven by the market, instead of pushed by the government or central banks as in other countries.
In line with the increased use of the RMB as a global currency, the International Monetary Fund on Friday added the RMB to its new Special Drawing Rights (SDR) basket, effective from Oct.
Retail traders can trade RMB options with any of the 5 UK Binary Brokers and also with any of the top 5 UK Forex Trading Brokers you can learn more about trading forex in FX 4 UK