On the first day of trading, institutions logged on to the new platform with institutions conducting deals.
The average daily volume in the first week of trading was consistently high and the new platform remained robust and stable. The launch of FX is significant as it supports the expansion and evolution of the domestic renminbi market. The next-generation technology offers a multi-execution, low-latency environment that will encourage a sustainable and healthy ecosystem for its participants.
It effectively ensures the safe, stable and efficient operation of the inter-bank foreign exchange market, enforcing the pricing power of the domestic Chinese market and opening it up to the global foreign exchange market. This is a significant milestone in the development of the domestic FX market, and we will continue to support our CFETS partners as they roll-out further phases and we explore further partnership opportunities in the future.
The Chinese government has committed to a partnership with NEXT in June , securing for the company a lucrative business opportunity. The product brought a new era for the Chinese market by delivering anonymous execution capability to the Chinese market.
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Market participants have access to a central liquidity pool around the public reference point which the PBOC is setting on a daily basis for the CNY. The rollout represents a relationship-based platform for CNY trading. The offering includes spot, forwards and swaps.