Join in as we cover the news but break to take callers. “The trading hours extension is a vital step in bolstering the yuan’s global use as this allows the exchange rate to reflect news taking place outside of Asia hours”, said Kenix Lai, a foreign-exchange analyst at Bank of East Asia Ltd.in Hong Kong. The yuan will account for 10.92 percent of the International Monetary Fund’s total reserve currency in October 2016, when it will become a part of IMF’s Special Drawing Rights, accounting for more than both the yen and the pound. It also said it would permit more foreign investors to trade in the mainland yuan market now dominated by Chinese banks. Opening hours will remain unchanged at 9:30 a.m. THIN EVENING TRADE EXPECTED The central bank said the yuan’s closing rates will be the level at which it is quoted at 4:30 p.m. local time to the surprise of some market players. Liquidity outside of regular Asia hours can be relatively poor, heightening the risk of unrepresentative exchange rates and manipulation, it said. It said it expects evening trading sessions to be thin initially, which traders agreed with. Seating Chair – Independent NEWS Agency – SeatingChair.com http://seatingchair.com/2015/12/23/china-to-extend-onshore-yuan-trading-hours-next-year-in-56784.html
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