Institutional currency traders who want to trade Chinese currency electronically no longer have to wait or rely on the telephone.
FXCM, a provider of electronic foreign exchange trading, spread betting, Contracts for Difference (“CFDs”) and related services, is now offering investors the ability to trade USD/CNH to all members on all its platforms, except Japan.
Given the economic prevalence of China in the world economy and its currency, traders can now trade their opinion on the world’s second-largest economy. “We are excited to offer the USD/CNH across different platforms as this will allow clients to take advantage of growing international markets,” said Drew Niv, chief executive at CEO, in a release.
CNH is an offshore version of the he legal tender of China (Renminbi/ RMB) introduced by the Hong Kong Monetary Authority and People’s Bank of China which allows investors outside of mainland China to gain exposure to the RMB.
Clients will be able to trade the USD/CNH, alongside other major FX pairs in the U.S., European, Asian, and Australian markets. Traders will also be able to trade the USD/CNH in lot sizes of 1,000.