Banks move in as Asian regulators ease derivatives restrictions
Banks operating in Asia are rushing to apply for licences to enable them to transact non-renminbi derivatives in China, following a relaxation of the rules from March 1.
"This is a pretty significant change, indicating China is still gradually moving to relax capital controls," Frank Gong, chief foreign exchange strategist at Bank of America in Hong Kong, told RiskNews' sister publication FX Week.
The ability to trade derivatives for profit would
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