Icap attracts 15 counterparties to yuan trading
Icap launched the currency pair on Monday (September 27) following the relaxation of currency controls by the People's Bank of China announced this summer, which allows the yuan to be traded and settled in Hong Kong (FX Week, July 22).
Trading in the yuan was rolled out globally, listed as USD/CNH on EBS, with trades settled in Hong Kong. Banks looking to trade the pair must have a pre-arranged clearing and settlement agreement with a Hong Kong authorised institution that can settle via Hong
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