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ThinkForex Is the First Australian Broker to Offer Chinese Yuan Trading

May 07 2013
By
Forexbrokerz.com

Just as we reported that China has hit a record increase in forex trading, the fairly large Australian broker ThinkForex announced that it is introducing Chinese Yuan trading to its customers. 

 
ThinkForex's clients can now trade the USD/CNH currency pair (CNH is the offshore version of the Renminbi (RMB) created by the Hong Kong Monetary Authority and People's bank of China). The new pair is available for live account holders at a minimum spread of 29.2 pips for Pro accounts, and 30 pips for standard account holders. 
 
These spreads are a bit wide, compared to the competition – Forex.com for example offers a typical spread of 28 pips on USD/CNH, Saxo Bank – 26 pips, OANDA – 25 pips, and FXDD goes as low as 19 pips. Keeping in mind that only a handful of brokers offer Renminbi trading, however, ThinkForex's spreads are acceptable. 
 
Adding Yuan trading is a strategic move at a time like this, when China is opening up to the global markets (earlier today it became clear that this year the country intends on proposing plans to allow freer flows of its currency in and out of the nation as part of measures to loosen control over the yuan and interest rates). In fact, some analysts predict that by 2015 the Renminbi will become a global currency, and claim that this will arguably be the most significant financial market development since the Euro was introduced. 
 
Recently, the deputy governor of People's Bank of China (PboC) Yi Gang said that there are “lot of favorable conditions that are suitable for further liberalization” of the Yuan. As we reported, the Chinese government is open to the idea of shifting the Renminbi role on the international market, letting it become a reserve currency and an alternative to the US Dollar. 
 
With this development, I would expect more brokers to start offering CNH currency pairs, with the USD/CNH being the most popular one, and AUD/CNH another possible option. Until that happens, though, ThinkForex and the other few brokers offering Yuan trading will have a definite advantage. 
 
 

About ThinkForex

 
ThinkForex is a leading international Forex broker headquartered in Melbourne, Australia. It offers traders extremely fast, low latency NDD execution, competitive spreads, swap-free accounts and full hedging. The broker’s customers enjoy excellent promotions on a regular basis, and its highly professional customer support team is available around the clock. 
 
ThinkForex was named "Fastest Growing FX Broker" at the MENA Forex Awards 2012 in Dubai and "Best Forex Customer Service" at the UK Forex Awards 2012 in London. For more information, please visit ThinkForex Australia.
TAGS: ThinkForex  Chinese Yuan  Chinese renminbi  forex  forex trading 

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