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BofA trader: China’s Yuan currency swap volume could double in 2011

Posted on 03 March 2011

From Dow Jones: China’s market for currency swaps involving yuan will likely grow 50%-100% this year following the foreign exchange regulator’s decision to allow banks to arrange such deals with corporate clients from Tuesday, though the country’s capital account controls will still act as a constraint, said a senior trader at Bank of America N.A.

Banks in China have been trading currency swaps among themselves since August 2007, but the country’s restrictions on the yuan and the prohibition on corporate participation in the market meant there was little demand for currency swaps. A total of US$160 million worth of currency swaps were traded in 2010…………………………………….Full Article: Source


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