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FXCM Now Offers USD/CNH Trading to Clients Worldwide

US-based Forex broker FXCM today announced that it's making available trading with the Offshore Yuan (CNH) to its clients worldwide, apart from those in Japan. Those willing to trade the USD/CNH pair will be able to do so at very lucrative trading conditions, including NDD execution and the ability to use micro lots (1,000 currency units). 
 
Elaborating on the move, FXCM's chief executive Drew Niv said that it was a part of the broker's efforts to enhance and diversify its product offering. For that matter we should note that the move comes less than a month after FXCM unveiled plans to introduce single-share CFDs in Europe. This time the step is with a larger scope – it covers not only all of FXCM's European businesses but also the US and Australian ones. You should be asking about the Asian coverage of the new offer – well, Japan is out of the picture for the time being, while clients of FXCM Asia have had the opportunity to trade the USD/CNH before the beefing up of the offer.
 
Of course, there's much more to the rationale for the USD/CNH expansion. As Drew Niv noted, China has major influence on the global economy. (By the way, you can check out how the Chinese currency compares to its rival world payment currencies if you explore the SWIFT RMB Tracker, published monthly). 
 
Moreover, the Chinese currency went very volatile after the widening of the Yuan trading band in March – that was a serious widening from 1% to 2%. This has created numerous interesting trading opportunities for traders and has spurred Forex brokers to introduce or beef up their Yuan offering. For instance, Denmark's Saxo Bank improved spreads on all pairs with the CNH and launched a new XAU/CNH cross. 
 
The last thing to clarify concerns those of you who may wonder about the difference between the Onshore and Offshore Yuan – the latter enables traders outside of China to trade the renminbi. 
 
You can read the official press release from FXCM below.
 
LONDON --(BUSINESS WIRE)--
 
FXCM Inc. (NYSE:FXCM), a leading online provider of foreign exchange trading, spread betting, Contracts for Difference (“CFDs”) and related services, has deployed USD/CNH trading to all clients on all platforms excluding Japan.
 
FXCM traders around the world will now have the opportunity to trade their opinion on the world’s second-largest economy, and a major influencer in international finance – China. “We are excited to offer the USD/CNH across different platforms as this will allow clients to take advantage of growing international markets,” said Drew Niv, CEO of FXCM. “FXCM is continuously working to diversify its product offering to the global trading community.”
 
CNH is an offshore version of the RMB introduced by the Hong Kong Monetary Authority and People’s Bank of China which allows investors outside of mainland China to gain exposure to the RMB. Clients will be able to trade the USD/CNH, alongside other major FX pairs in the US, European, Asian, and Australian markets. Traders will also be able to trade the USD/CNH in 1k lot sizes and take advantage of FXCM’s renowned No Dealing Desk Execution on the pair. FXCM NDD offers no re-quotes- giving traders fast and efficient trade execution, competitive pricing, no commissions, and a comprehensive suite of educational services.
 
For further information or any questions concerning USD/CNH trading, visit www.fxcm.co.uk or contact an FXCM specialist at [email protected]
 
For research analysis on China’s market or USD/CNH trading, visit DailyFX.com
 
 

About FXCM Inc.

 
FXCM Inc. (NYSE:FXCM) is a global online provider of foreign exchange (forex) trading and related services to retail and institutional customers world-wide. At the heart of FXCM's client offering is No Dealing Desk forex trading. Clients benefit from FXCM's large network of forex liquidity providers enabling FXCM to offer competitive spreads on major currency pairs. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. FXCM's U.K. subsidiary, Forex Capital Markets Limited, also offers CFD products with no re-quote trading and allows clients to trade oil, gold, silver and stock indices along with forex on one platform. In addition, FXCM offers educational courses on forex trading and provides free news and market research through DailyFX.com.
 
TAGS: fxcm  fxcm forex broker  currency pairs  yuan  offshore yuan  rmb  new currency pair  new forex product  usdcnh  cnh  usd  forex trading  us forex broker  online trading  offshore yuan  us forex broker 

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