Under the MOU, both the United States and China have welcomed CME Group and CFETS
working closely together in exploring opportunities and promoting each other's market infrastructure and products through cooperation programs, and facilitating the development of both countries' markets.
In addition, a long expected market maker system for USD/RMB trade was finally introduced in November 2005 based on the CFETS
The addition of the CFETS
data gives investors insights into real-time tick-by-tick movement, volumes and market participant information in China's onshore interbank market," said Tod Van Name, Bloomberg's Global Head of FX, Economics and Commodities.
The release of the CFETS
RMB index is a signal to the market that the central bank still considers the yuan as overvalued.
To support the evolution of the Chinese foreign exchange market, CFETS
chose Reuters to develop its new foreign exchange trading system, following an international tender.
Citing an unnamed source, the report said that CFETS
will calculate each bank's daily value of the net position in the new system, and will simplify the daily settlement process for each bank.
Since that time he has been leading the Reuters Next Generation Transactions Group which has been responsible for recent strategic products like Reuters Trading for Fixed Income (RTFI), Reuters Trading for FX (RTFX), and the foreign exchange portal used by China's CFETS
The bell ceremony took place in the presence of His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market (DFM); Shen Jun, General Manager CFETS
FX Market Department; Xu Lei, Chief Dealer, ICBC Head Office Global Market Department; and Zhou Xiaodong, General Manager of ICBC Dubai (DIFC) Branch; Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; and Hamed Ali, Chief Executive of Nasdaq Dubai.
Reuters new generation of trading products which include -- Reuters Trading for FX, Reuters Trading for Fixed Income, CME FX on Reuters, CFETS
multibank portal and the recently launched Reuters Trade Notification Service -- are all based on the proven platform.
However, by contrast with currencies of developed economies and other emerging economies, RMB depreciates less and CFETS
RMB index actually appreciates.
Standard Chartered Bank's China treasury operations recently received the approval from CFETS
, a subsidiary of the Peoples' Bank of China, to participate on its multi-bank portal as a liquidity provider.
4 percent, the CFETS
index has depreciated by nearly 11 percent and Chinas FX reserves have fallen by more than US$460 billion, according to research by J.