China Said to Plan Extending Yuan Trading Hours by November-End
- Onshore session seen closing at 11:30 p.m. in Shanghai
- Move to benefit yuan's push for IMF status, says StanChart
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China is planning to double the onshore yuan’s trading hours to keep the market open during the European day as it pushes for the currency to be granted reserve status at the IMF, according to people familiar with the matter.
Trading in Shanghai will close at 11:30 p.m. local time instead of 4:30 p.m., according to the people, who asked not to be identified because the deliberations haven’t been made public. The China Foreign Exchange Trade System will make the change by the end of November, they added.