CFETS to select market makers for new products

To develop its foreign exchange market, the China Foreign Exchange Trade System said it will soon select eight banks to act as market makers for its new products launching in May. The Bank of China was the first approved as the first market maker; other banks awaiting approval are another Chinese bank and seven foreign banks, including HSBC and Deutsche Bank, state media reported. The new products include foreign currency trades, such as trades between the euro and the US dollar. Currently, only transactions between the yuan and four foreign currencies are allowed.