Bloomberg LP executives today announced the opening of expanded offices in Shanghai to accommodate expanded news, customer support and regional-specific services to meet growing demand in China. The firm also revealed details of its new services for Foreign Exchange (FX) options and cross-currency swaps that help companies hedge against currency risk.
The new location in the International Financial Center houses Bloomberg News editors, reporters, translators and staff of the Bloomberg Professional service, the world's most trusted source of data, news and investing tools used by more than 300,000 financial and business professionals worldwide.
"China is an important and fast-growing market for us," said Peter Grauer, chairman of Bloomberg LP. "We will continue to add the best people, products and services to ensure Chinese investors get the edge they need in this competitive global marketplace."
Chris Collins, Bloomberg News Executive Editor for Asia, said, "Our financial news in China continues to move the markets, providing Bloomberg customers with the insight they need to make informed business decisions."
Investors can take advantage of the latest opportunities for currency hedging via Bloomberg's Chinese Yuan (CNY) FX options calculator, which provides accurate prices for onshore CNY FX option transactions. China's State Administration of Foreign Exchange now allows the trading of FX options between locally-based banks, institutions and corporations.
Bloomberg is also offering daily reference prices for onshore CNY cross currency swaps. The cross currency swap calculation is based on pricing from 11 domestic and onshore foreign banks in China, and provides accurate pricing for onshore and offshore trading based on the Renminbi, the official currency of mainland China.
"Renminbi internationalization offers exciting opportunities for Chinese financial professionals in FX options and cross currency swap trading. By customizing our cutting-edge financial calculators for China, Bloomberg helps financial market participants increase the sophistication of their trading and hedge against exchange rate fluctuation," said Gerard Francis, Bloomberg's Global Head of Emerging Markets.