de | cn | ru

Brokers News

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 

More news about ThinkMarkets

Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

More Forex Brokers News

#FBS2020: FBS Gives Away Lucky Gift Boxes In A New Year Promo

Dec 09 2019 14:36:59

As many companies out there, FBS broker finishes off its year with a New Year promotion for its clients. At the end of 2019, they are offered to create a fancy Thank You e-card for their loved ones and get a gift box full of nice surprises. Read more

Trip For Pip: FBS To Launch A Quest Game For A Trip To London, Tokyo, Or Dubai

Oct 29 2019 14:09:54

FBS broker starts its new marketing campaign, and it has already attracted many eyeballs on social media. The promotion is called “Trip for Pip,” and it is very engaging for several reasons:    a) it’s playable;  b) it features a dream trip for two as the main prize. Read more

HYCM tops the list of brokers with highest percentage of winning clients

Oct 23 2019 12:12:59

The importance of choosing a reliable broker is paramount to trading. Most traders have given a serious thought to the security of their investments and these concerns are increasingly common in this highly competitive market. Read more

FXCM expands its crypto offering with CryptoMajor baskets

Oct 14 2019 14:49:01

  Major forex broker FXCM Group enhances its CFD offering with the launch of CryptoMajor- cryptocurrency baskets, which will allow its clients to trade in to multiple digital assets in one go. Read more

FXTM Launches 30% Welcome Bonus

Aug 06 2019 13:38:53

  As part of FXTM’s mission to provide clients with an exceptional trading experience, the international broker has launched its latest offering – the 30% Welcome Bonus!   This promotion, available under Exinity Limited, boosts your account by an extra 30% when you deposit $100... Read more

XM parent actively prepares for the launch of its US brand Trading.com

Jul 03 2019 14:19:28

  Trading Point Group, the owner and operator of the XM brand, actively prepares for the future launch of its US brand Trading.com. Read more

FBS Invites 20 Best Partners To a VIP Party

Jul 02 2019 15:04:24

Partner parties is a great way to get to know company’s local promoters and celebrate loyalty, motivation, and cooperation. In 2019, FBS broker launches the FBS Stars contest with a round trip flight to Russia’s second largest city and a VIP party invitation as a prize. Read more

Vantage Prime will no longer service non-Australian clients

May 20 2019 13:36:39

  Vantage Prime, which is a part of the Vantage FX group, announced it will no longer service non-Australian clients, online media Finance Magnates reported today. The broker’s decision is taken due to regulatory concerns. Read more

Dukascopy warns it has no cooperation with shady broker GCG Asia

May 16 2019 13:29:47

  Swiss forex brokerage and bank Dukascopy has repeatedly warned investors that it is has no cooperation Guardian Capital Asia (GCG Asia) and that the latter is likely involved in a fraudulent scheme. Read more

$75 mln forex Ponzi scam revealed in the US

May 03 2019 16:46:08

The Commodity Futures Trading Commission (CFTC) in the US has filed charges against Florida based Oasis International Group, Oasis Management and Satellite Holdings along with their owners for running a 75 million USD Ponzi scheme, concealed as forex investment program. Read more

de | cn | ru