PBoC approves OTC FX

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The People's Bank of China (PBoC) opened the country's spot foreign exchange market to over-the-counter trades on January 4 and introduced 13 market-makers to provide liquidity for the renminbi. PBoC also authorised the China Foreign Exchange Trading System (Cfets) to determine the daily central parity rate for the renminbi against foreign currencies.

The launch of the OTC foreign exchange market means trades can be done via authorised bilateral credit lines and settlement, as well as through

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