Electronic trading platform ParFX has added the offshore renminbi (CNH) to its tradable currencies. After extensive testing, the US dollar and CNH pair went live on 14 September.
The addition comes as a response to global demand from ParFX’s founder banks and customer base, which has grown significantly since its launch in June 2013.
It also reflects the increasing reach of the renminbi, and China has made efforts to promote it as an international currency.
According to ParFX, since spot trading was introduced in the offshore market in 2010, trading levels have increased significantly, and liquidity has been fuelled by increased interest from investors around the world—renminbi trading centres have appeared in Hong Kong, London and Singapore.
Chris Knight, head of e-FX trading (east) at Standard Chartered Bank, one of ParFX’s supporting banks, said: “Offshore renminbi trading was almost non-existent five years ago but today ranks amongst the top-five most traded currencies globally. Given China’s role as a regional and global business hub at the centre of economics and commerce, it has become critical for us to trade CNH in an orderly and fair environment.”
“We founded ParFX for this very reason; its concept is rooted in transparency and the platform has already proven to be a strong deterrent against disruptive trading behaviour. For this reason, we are delighted introduce the offshore renminbi to the ParFX trading community.”
COO of ParFX Roger Rutherford, added: “The addition of the offshore renminbi marks an exciting milestone in our expansion and will significantly strengthen our presence in Asia in particular.”
“The number of institutions trading on our platform globally continues to grow, and with our randomised matching engine, firmness of pricing and a truly level playing field for all participants, we believe ParFX offers the benchmark model for an efficient and transparent trading environment.”
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