China's Safe grants RMB forward licences


China's State Administration of Foreign Exchange (Safe) granted approval to foreign and local banks to conduct onshore renminbi (RMB) forward transactions.

By 28 September, a total of 43 banks, including 30 foreign banks, had received approval from Safe to conduct RMB forward transactions in the China Foreign Exchange Trade System (Cfets), the forex and interbank money market with over 300 members. The licences were given out in three batches in late August through to September.

The first batc

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