China has granted its first forex broker license
Posted: Sat Nov 24, 2018 1:45 am
The Chinese government granted the first forex license to Hong Kong-based brokerage reported the Chinese Forex Trading Center. The broker is now allowed to enter the interbank forex trading market and carry out “spot FX, futures and swap currency trading operations.”
Also, people in mainland China will now be able to trade with Guo Tai Jun without needing to have a Hong Kong bank account with HKD in it.
Earlier this year there were serious concerns that the Chinese authorities are about to crack down on illegal brokers, offering leveraged forex trading services to local customers. They have also banned crypto-currency trading in the country.
Yet, it seems that China is trying to liberalize its financial market which has huge potential. Local authorities recently granted a British bank a license to hold Chinese citizens’ assets for the first time, and now the government issued the first forex broker license.
Also, people in mainland China will now be able to trade with Guo Tai Jun without needing to have a Hong Kong bank account with HKD in it.
Earlier this year there were serious concerns that the Chinese authorities are about to crack down on illegal brokers, offering leveraged forex trading services to local customers. They have also banned crypto-currency trading in the country.
Yet, it seems that China is trying to liberalize its financial market which has huge potential. Local authorities recently granted a British bank a license to hold Chinese citizens’ assets for the first time, and now the government issued the first forex broker license.