Sunday, June 11, 2006

Central bank to unite forex trading systems

The central bank is planning on combining the nation's traditional foreign exchange trading system with a new system initiated last year by the end of 2006, the China Securities Journal said Saturday.

An integrated system would be the lastest in a series of reforms to increase market efficiency and monitoring, the newspaper said.

The new system was launched a year ago and allows domestic trading in eight foreign currency pairs. It is a step toward a market-based environment by allowing domestic banks to trade foreign currencies, but is separate from yuan trading.

Read more here.

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