FXall Responds to Strong Demand for CNH Trading
FXall, a foreign exchange (FX) platform, has announced that it is extending trading of deliverable offshore Chinese yuan (CNH) on its FX trading platform through its QuickTrade request for quote (RFQ) product.
Many of FXall’s liquidity providers are now pricing yuan over-the-counter (OTC) trades. This offering was a collaborative effort with providers such as Bank of America Merrill Lynch (BofA Merrill), HSBC and Royal Bank of Canada (RBC), to support recent market developments. With FXall and liquidity providers on the platform supporting the new currency code, CNH, which represents the RMB exchange rate that trades offshore in Hong Kong, FXall clients are now able to trade this important currency offshore.
“The addition of offshore deliverable Chinese yuan (CNH) onto FXall has met client demand, especially from Bank of America Merrill Lynch’s large corporate client base, for hedging exposures in Asia by providing an electronic execution path to access the firm’s liquidity pool,” said Kan Fung Li, managing director, global rates and currencies trading at Bank of America Merrill Lynch.
“HSBC continues to see strong and growing demand for CNH trading from our clients who want the ability to trade electronically,” said Frederic Boillereau, global head of currencies and commodities at HSBC in London.”