Bloomberg Launches Electronic Trading Platform for New RMB-Peso Spot Market

Beijing, Manila – Bloomberg announced today that the Philippine RMB Trading Community has adopted Bloomberg FXGO to be the electronic trading platform for the new RMB-peso spot market.

This follows the Memorandum of Agreement (MOA) signed by Bank of China Manila branch and 13 local banks [1] to create the RMB Trading Community in the Philippines on October 30, 2018. Chaired by Bank of China Manila, the community seeks to facilitate direct foreign exchange trading between the RMB and peso.

On November 20, during Chinese President Xi Jinping’s state visit to the Philippines, Bank of China announced that the bank has executed the first batch of RMB-peso trading with Asia United Bank, BDO Unibank, EastWest Bank, Metrobank and Rizal Commercial Banking Corp through Bloomberg’s platform.

“Investors, traders and tourists of the Philippines and China will all benefit from direct trade”, said Deng Jun, Chairman of the Philippine RMB Trading Community and Country Head of Bank of China Manila Branch. “The Philippine RMB Community is pleased to work with Bloomberg on the development of the new RMB-peso spot market. We believe a robust RMB-peso foreign exchange trading market requires a reliable electronic trading platform.”

Bloomberg will support trading of spot RMB-peso amongst member banks through Bloomberg FXGO, a commission-free trading platform for execution of a number of instruments including spot, forwards, swaps, and deposits. RMB-peso trading can be done using a variety of trading protocols including request for quote, trade affirmation as well as Bloomberg’s IB Dealing. Trade tickets can be captured into the respective parties’ risk management and back office systems.

“We are honored to be the electronic trading platform for the new RMB-peso spot market and play a role in facilitating deeper economic ties between China and the Philippines,” said Taran Khera, Head of Bloomberg Asia Pacific. “Bloomberg is committed to partnering with Bank of China and all Chinese clients to promote RMB internationalization and connecting China to ASEAN and global markets.”

[1] The 13 local banks are Asia United Bank (AUB), Bank of Commerce, Bank of the Philippine Islands (BPI), BDO Unibank Inc (BDO), China Banking Corp. (Chinabank), East-West Banking Corp. (EastWest Bank), Metropolitan Bank & Trust Co. (Metrobank), Philippine Bank of Communications (PBCOM), Philippine Business Bank (PBB), Philippine National Bank (PNB), Rizal Commercial Banking Corp. (RCBC), Security Bank Corp. (Security Bank), and UnionBank of the Philippines (Union Bank).

About Bloomberg

Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Terminal. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. For more information, visit Bloomberg.com/company or request a demo.

Media Contact

Irene Gu, Bloomberg, igu3@bloomberg.net, +86-10-66497535