R5FX launches renminbi connection with Shanghai Clearing

Connect will enable Shanghai banks to trade spot FX offshore via R5FX

Cross-trading: Connect will work with eight Shanghai-based banks initially

Emerging markets trading platform R5FX is launching a cross-trading connection with Shanghai Clearing House (SHCH), which will allow local Chinese banks to trade foreign exchange offshore.

Until now, banks based in China have had little opportunity to trade foreign exchange offshore. With R5-SHCH Connect, many of these banks will trade FX offshore for the first time, while those already doing so will be able to expand their counterparty and liquidity base.

When the scheme launches, eight

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