FXall, the world's leading electronic foreign exchange platform, announced today that it is extending trading of deliverable offshore Chinese Yuan (CNH) on its FX trading platform through its award-winning QuickTrade Request For Quote (RFQ) product.
In response to client demand, 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 BofA Merrill Lynch, HSBC and Royal Bank of Canada, 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 BofA Merrill Lynch's large corporate client base, for hedging exposures in Asia by providing an electronic execution path to access the firm's substantial liquidity pool," said Kan Fung Li, Managing Director, Global Rates and Currencies Trading at BofA 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. "Through our global network and leadership in onshore CNY and offshore CNH trading, we offer our insights and liquidity across markets and look forward to the ongoing partnership with FXall to bring this additional liquidity and access to our clients."
Phil Weisberg, CEO at FXall, said: "We have worked closely with market participants to deliver trading solutions that meet their needs and our ability to provide CNH request for quote trading was driven by mutual interest from both our real money clients and our liquidity providers who want access to the growing offshore RMB market. As a trusted, neutral marketplace, FXall is a strategic execution partner that can efficiently connect counterparties and create the right community and environment to exchange risk."