USD/CNY will be the next EUR/USD, say traders

When China’s capital markets are fully open, the impact of the renminbi on FX markets will be immense

Beijing
Beijing: the opening up of China's capital markets is not far off, one panellist said

As the internationalisation of the renminbi progresses and Chinese capital markets open up, the direction of travel for the currency can only increase, according to market participants.

“It’s a huge opportunity for renminbi growth. We all know it’s going to be the next EUR/USD. It’s just a question of what the path looks like exactly and how long it takes to tread,” said Chris Hall, a senior trader at China Construction Bank, speaking on a panel at the Sibos conference in London on September 23

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