Asoka Markandu Head of Sales, Automated Dealing Technologies, Asia, Reuters
Asoka Markandu Head of Sales, Automated Dealing Technologies, Asia, Reuters

CFETS:the birth of a new era in electronic trading in China.

the birth of a new era in electronic trading in China.

First Published: e-Forex Magazine 19 / Case Study / July, 2005

“China is now ready to introduce a more market-based, flexible exchange regime... and the time to do so is now." These were the comments of US Treasury Secretary on 18 May, the day that the China Foreign Exchange Trade System (CFETS) launched its new FX trading system developed by Reuters. Others called it a ‘milestone’ in China’s efforts to reform its tightly controlled currency regime while the analysts suggested that it was only a small step, hopefully in the right direction, towards greater liberalisation.The financial media had already recognised the strategic importance of the CFETS initiative. Many are confident that it is a significant milestone on China’s road to being a full member of the global economy.Some are even going as far as suggesting that the CFETS portal will help rationalise the supply and demand for non-RMB currency pairs in the FX market, improve RMB exchange rate formation mechanisms and provide a pilot platform for the full convertibility of RMB. ...continued

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