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ICAP’s electronic foreign exchange business EBS, which is operating under the subsidiary BrokerTec, has launched the first electronic FX benchmark for the Chinese yuan. The new renminbi reference rate for the offshore Chinese renminbi has been developed in conjunction with ICAP Information Services, which is the information division of the company.
The ‘EBS CNH Benchmark’ is the first fully electronic, trade-backed reference rate for the offshore Chinese yuan market. The launch is in response to increasing demand from a number of major Chinese financial institutions and crucially, senior onshore authorities.
internationalization and liberalization of the renminbi will benefit from a reliable and ... (read more)