StanChart adds to renminbi trading team

Standard Chartered has boosted its foreign exchange trading desk in Shanghai with the appointment of Gordon Jiang as Chinese renminbi forward trader.

Jiang joins from ANZ Bank in Shanghai, where he covered spot, forwards and money markets for two years. Before that, he was with Bank of China’s dealing room for six years."There has been an increase of intra-day volatility in the renminbi market. This is proof that China is making genuine reforms and progress in liberalising the foreign exchange market," said Gerrard Katz, head of foreign exchange trading, northeast Asia at Standard Chartered in Hong Kong. "Along with other market-makers, we are also helping provide support to the China Foreign Exchange Trade System across several platforms that should help provide more liquidity to the market in China. All this will help institutions and corporates in China be in a better position to hedge foreign exchange exposures.” Standard Chartered was among the 13 dealers approved to make markets in over-the-counter spot foreign exchange by the People’s Bank of China (PBOC) on January 4.