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China's socialist market economy is the world's second largest by nominal gross domestic product and purchasing power parity, beaten on both measures only by the US.

As a result, it is no surprise traders are taking a keen interest in the country's currency, the renminbi (RMB). The unit of account is called the yuan, but the RMB is the currency traded onshore and offshore, though there is a separation between these two markets.

This is because the leadership in Beijing impose capital controls in order to prevent money flowing abroad or vice versa. Therefore, when the RMB is traded within mainland China, it is referred to as CNY, while offshore trades - primarily in Hong Kong - use the USD/CNH pairing. 

It is important investors are aware that while the renminbi is a single currency, it can trade at two different exchange rates, dependent on where the market is situated.

The CNH was formed as part of China's attempts to increase the significance of its currency in global markets. While volumes of USD/CNH trading remain relatively small and the pairing is generally highly liquid, it is becoming more popular as Beijing scales back restrictions.

For example, reforms in 2010 made it possible for the RMB to leave mainland China and head to Hong Kong for trading purposes. Following this move, foreign investors now have unrestricted access to the currency through cash accounts, forex trading, bonds, equities and through cross-border trade via Hong Kong.

Understandably, data releases relating to China's economic development have a significant impact on the USD/CNH pairing and should be monitored closely by those looking to trade the currency.

Live Prices
Spreads: 13
Margin Requirements: 4%
Trading Hours:
Daily 02:00 - 17:00

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Contracts for Difference (CFDs) and margined FX are leveraged products which carry a high degree of risk to your capital. Prices may move rapidly against you and may result in you losing more than your initial deposit. CFDs and FX may not be suitable for all investors and you should fully understand the risks involved before opening an account. Please read the Risk Warning Notice on our website.

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  • London Office
    One Financial Markets
    20 Savile Row,
    W1S 3PR 
    United Kingdom
    T: + 44 (0) 207 534 0950   
  • Dubai Office
    One Financial Markets  (DIFC ) Ltd.
    1008 Index Tower, 
    Al Sa'ada Street,
    Dubai International Financial Centre, 
    Dubai, UAE   

    + 971 4 453 1200   
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    VI Markets 
    Sharq - Mazaya Tower 02 - 10th floor 
    PO BOX 3040
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    + 965 22256988
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    One Financial Markets 
    T: 4007 -707-617
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    One Financial Markets 
    Unit 2102A, Level 21,
    60 Wyndham Street,
    Central, Hong Kong
    +852 2107 2700

One Financial Markets is the trading name of C B Financial Services Ltd, a company registered in England with company number 6050593. C B Financial Services Ltd is authorised and regulated by the Financial Conduct Authority in the UK (under firm reference number 466201) and the Financial Services Board in South Africa (with FSP number 45784).

One Financial Markets (DIFC) Ltd is a company registered in the Dubai International Financial Centre at Index Tower, Level 10, Office 1008, PO Box 507147, Dubai, United Arab Emirates. One Financial Markets (DIFC) Ltd is regulated by the Dubai Financial Services Authority.

One Financial Markets (Asia) Ltd is an approved introducing agent of One Financial Markets, authorised and regulated by the Hong Kong Securities and Futures Commission (with SFC CE No BFZ621).

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