BEIJING: China plans to deepen its foreign-exchange markets to encourage both domestic and overseas players to trade and borrow external currencies more onshore, in the latest step toward fostering a global role for its financial system.
The China Foreign Exchange Trade System (CFETS), an arm of the central bank, plans to develop swaps involving overseas currencies – such as between the euro and the US dollar – and foreign-exchange interest-rate swaps, among other steps detailed in emailed responses to questions posed by Bloomberg.