From the Wires
Bloomberg First to Deliver China Interbank FX Rates Globally
Nov. 28, 2012 08:00 PM
Bloomberg today announced the first global, real-time data service that
provides investors access to live interbank pricing for China's onshore
renminbi (CNY) market. This service captures currency trading activity
among banks and financial institutions in China, and is provided through
the China Foreign Exchange Trade System (CFETS), the official interbank
trading and foreign exchange (FX) division of China’s central bank.
First on Bloomberg: CFETS CNY FX Market Depth Feed. (Photo: Business Wire)
"The addition of the CFETS data gives investors insights into real-time
tick-by-tick movement, volumes and market participant information in
China's onshore interbank market,” said Tod Van Name, Bloomberg’s Global
Head of FX, Economics and Commodities. "Given the rapid
internationalisation of the Chinese Yuan, this data is imperative to
global markets as it provides our clients greater transparency for
smarter and more timely trading, hedging and investment decisions.”
Global currency traders, corporate treasurers and institutional
investors can now view executable quotes and trades on the interbank
dollar-yuan spot, swap and forward markets. The CFETS data service also
features the best renminbi spot prices from participating banks,
historical trade sizes, and eight other renminbi currency pairs.
Combined with Bloomberg’s FX suite, market participants can connect to
global counterparties and liquidity, and access Bloomberg's global FX
trading community.
"The provision of real-time China interbank FX rates to international
investors is yet another step in the right direction," said Sam Phoen,
head of global markets, ANZ bank (China). "Onshore corporations and
investors will benefit from real-time executable rates, while offshore
players who are invested in China will have better visibility when
hedging against movements of the renminbi."
According to CFETS’ publication ChinaMoney, with renminbi cross-border
inflows and outflows intensifying in 2012, development of the offshore
renminbi market will drive domestic financial market reform, and aid in
a fair and transparent price discovery process for renminbi foreign
exchange rates.
“BNP Paribas is one of the first international banks to access
Bloomberg’s CFETS service,” said Julien Martin, Deputy Head of Fixed
Income, BNP Paribas China. “Offshore players can now access accurate
interbank dollar-yuan rates that better reflect market conditions,
providing investors with a critical edge in foreign exchange
transactions amidst today’s volatile trading environment.”
This announcement follows Bloomberg’s leadership in the evolution of the
offshore renminbi (CNH) market, which includes the development and
adoption of the CNH code, provision of its price history and
introduction of the offshore renminbi bond listing and index.
Bloomberg Professional service subscribers can access this new service
via CFMM<GO>. Clients and prospects can get more information by
contacting the following Bloomberg sales executives:
About Bloomberg
Bloomberg, the global business and financial information and news
leader, gives influential decision makers a critical edge by connecting
them to a dynamic network of information, people and ideas. The
company’s strength – delivering data, news and analytics through
innovative technology, quickly and accurately – is at the core of the
Bloomberg Professional service, which provides real time financial
information to more than 310,000 subscribers globally.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20121128005626/en/
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