HSBC China becomes market maker to trade RMB and Ringgit

If you needed any more proof that Chinese market is slowly but steadily opens up for foreign exchange online trading than this piece of news should serve as one:

HSBC Bank (China) Company Limited (“HSBC China”) has been appointed a market maker to provide Malaysian ringgit Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term as the Mainland on Thursday opened its domestic foreign exchange market to trades of the ringgit against the renminbi (RMB). HSBC is only one of three banks and the only foreign bank market marker for China’s sixth currency pair launched on Thursday.

HSBC China started trading the new currency pair on China’s interbank Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term market Thursday. It will also provide ringgit exchange service through its branch network spanning 24 major cities in Mainland China, the largest network of any foreign bank.

I've been saying this for years: Chinese market will open up for foreign exchange trading soon enough and brokers operating, more or less unofficially for now, are doing the right thing as this market will explode in terms of volume.