China launches CNY/THB on CFETS
Moving interbank trading in the pair to onshore markets aims to support initiatives such as Belt and Road
The People’s Bank of China has authorised the launch of direct trading in CNY/THB on the China Foreign Exchange Trade System, which will be responsible for the operation of and technological support for the cross.
The move is aimed at promoting bilateral trade and investment between China and Thailand, and to “actively co-operate with the Belt and Road Initiative”, says CFETS’s press release. “There are no trading commission fees on CNY/THB direct trading until July 31, 2020.”
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