Absa Capital, the corporate and investment banking division of Absa Bank Limited, and affiliated to Barclays, recently introduced trade in Chinese Renminbi (CNH) to PACE FX, their electronic FX trading platform.
The introduction of the market for offshore CNH, deliverable in Hong Kong, has been an important development for Chinese currency market participants. CNH market volumes have risen steadily since its inception in July 2010, with daily volumes in offshore CNH reaching $3 – $4 billion.
The CNH provides more options for hedging and risk management and allows participants to trade the Renminbi as they would any other deliverable currency on PACE FX.
“China is an increasingly important trading partner for South Africa and this development marks an important step in offering local clients full risk management capabilities for their Chinese exposure. This move also enhances our e-commerce capabilities on the rest of the continent,” says Stephen van Coller, Chief Executive of Absa Capital.
Other emerging market currencies that are now offered are the Thai Baht (THB) and Saudi Arabian Riyal (SAR).
Ends Note to the editor: About Absa Capital
Absa Capital, a division of Absa Bank Limited (Absa) and affiliated to Barclays, is a leading South African corporate and investment bank with global reach, offering clients financing, risk management and advisory solutions in a wide range of currencies and structures across the globe. About PACE FX
PACE FX is Absa Capital’s electronic FX trading platform, based on Barclays advanced BARX FX trading system. PACE FX delivers fast and secure foreign exchange services to corporate and institutional clients. Visit http://www.absacapital.com/pacefx/
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