China to Allow More Foreign Currencies to Trade Onshore

http://en.21cbh.com/HTML/2011-5-14/1MMTk0XzIxMDE1MA.html
14 May 2011

May 13, China will gradually allow more currencies to be traded on its domestic foreign exchange market as part of its efforts to internationalize its currency, an official at the central bank-supervised foreign exchange trading platform said on Thursday.

Zhang Shengju, deputy general manager of the China Foreign Exchange Trade System's research department, said demand for direct trading of the renminbi against the Korean won, Singapore dollar and Brazilian real is rising, suggesting these currencies are most likely the next candidates for possible entry into China's tightly controlled foreign exchange market.

At present, seven currencies - the U.S. dollar, Hong Kong dollar, Japanese yen, euro and British pound, Malaysian ringgit and Russian ruble - are allowed to trade onshore within certain bands around daily reference exchange rates set by People's Bank of China, the central bank.

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