China News Service, December 30. According to the official account of the central bank, the People's Bank of China and the State Administration of Foreign Exchange announced on the 30th that starting from January 3, 2023, the trading hours of the interbank RMB foreign exchange market will be extended to the next day Beijing time. At 3:00, the application time of market management systems such as the central parity rate and floating range of the RMB exchange rate and quotations from market makers will be extended accordingly.
The central parity rate of the RMB exchange rate announced by the China Foreign Exchange Trade System at 9:15 Beijing time and the spot closing price of RMB against the US dollar at 16:30 Beijing time remain unchanged.
According to the central bank, in May 2022, the Executive Board of the International Monetary Fund completed the five-year review of the Special Drawing Rights (SDR) valuation, and raised the weight of the RMB from 10.92% to 12.28%, further improving the level of RMB internationalization.
Extending the trading hours of the inter-bank RMB foreign exchange market will help expand the depth and breadth of the domestic foreign exchange market, promote the coordinated development of the onshore and offshore foreign exchange markets, provide more convenience for global investors, and further enhance the attractiveness of RMB assets.
The People's Bank of China and the State Administration of Foreign Exchange will continue to promote high-level opening up, further deepen the construction of the foreign exchange market, and strive to build an open and diversified foreign exchange market with sound functions and orderly competition, so as to better serve the high-quality development of the real economy.
(China New Finance and Economics)
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