Guotai Haitong Becomes First Chinese Brokerage to Trade Offshore Yuan in Shanghai FTZ
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Guotai Haitong Securities has become the first Chinese brokerage approved to trade offshore yuan in the Shanghai Free Trade Zone, expanding a currency market previously restricted to commercial banks.
The major Chinese brokerage will begin trading offshore yuan spot and derivatives — including forwards, swaps, and options — on July 6.
The approval marks a significant step in China’s incremental financial opening, expanding the offshore yuan market beyond commercial banks to facilitate broader cross-border investment and currency hedging.
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