China to Double Onshore Yuan's Trading Hours From January
- Rate at 4:30 p.m. will still be taken as day's closing rate
- More foreign institutions to be allowed into onshore market
Why the Yuan May Not Keep Pace With the Dollar
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China will double the yuan’s onshore trading hours from January as it prepares for the currency’s addition to the IMF’s reserves basket in October next year.
Trading will be extended to 11:30 p.m. Beijing time starting Jan. 4, according to a statement posted on the central bank’s website. The currency’s spot rate at 4:30 p.m., the current closing time, will still be considered the day’s last price, the People’s Bank of China said. It added that it will allow more foreign institutions with significant yuan trading volumes to participate in the onshore foreign-exchange market.