Banks asked to test longer onshore yuan trading hours, sources say

The China Foreign Exchange Trading System is having lenders test-run longer hours for onshore yuan trading, Bloomberg reported, citing unnamed sources. The new trading tests are being run from 9:30 am to 11:30 pm in Shanghai from December 23-30, whereas onshore trading currently ends at 4:30 pm local time. “China will likely extend the trading hours very soon, probably early next year, now that the authority will be testing the system,” said Li Bo, chief investment consultant at GF Securities. “The currency has gained reserve status, so it needs to be accessible to foreign investors outside of regular Asia hours.”