Beijing : Marking “greater openness”, China has allowed the Reserve Bank of India (RBI) and 5 other international financial institutions to participate in the country’s inter-bank foreign exchange market, reports PTI.
Continuing to open up its currency market to foreign entities, the second batch of foreign central banks and similar institutions have now been allowed after they completed the registration process with the China Foreign Exchange Trading System (CFETS).
Now, six more entities, including RBI, have officially gained access to the Chinese inter-bank foreign exchange (FX) market.
Apart from RBI, the Bank of Korea, the Monetary Authority of Singapore, the Bank Indonesia, the Bank of Thailand, the Bank for International Settlement and the International Finance Corporation have been allowed into the Chinese inter-bank FX market.
