IB FxTrader: CNY/USD and RMB/USD - 404?
- Thread starter kmiklas
- Start date
Yuan/Renmimbi has currency exchange controls on it and is pegged to the dollar (every so often they "adjust" it if it has deviated more than 1% 
), therefore many sources provide quotes - almost none provide trade access.
CME has futures but they have almost no volume most of the time.
), therefore many sources provide quotes - almost none provide trade access.CME has futures but they have almost no volume most of the time.
Thanks. I'm also looking into using the "Wechat" app, which is a gateway to a lot of stuff in China.Yuan/Renmimbi has currency exchange controls on it and is pegged to the dollar (every so often they "adjust" it if it has deviated more than 1%
CME has futures but they have almost no volume most of the time.
I've also been reading up on opening an account with one of the four Chinese banks, and getting some currency so I can pay in Yuan. Seems it's easier to get married and divorced.
Relax!! USD is not going anywhere as a reserve currency!! As long as China does not allow free floating of its yuan, there is no point in trading it. You think China is better? Wait until you really live in it... I have friends who've lived in China (noticed the past perfect verb tense). They all came back eventually, all of them.
I'll give you a hint. There are more Chinese people who want to come to the West than the people in the West wanting to go live in China.
I haven't tried myself, but did you check CNH instead of CNY and RMB?
My reason for asking this question is that I see CNH listed on IB's pages about interest rates, but not CNY and RMB.
https://www.interactivebrokers.com/en/index.php?f=46385
That is a good point.
Yes because CNY is not allowed to be traded freely against other currencies. It's tightly managed aka controlled by the central bank of China. The only thing you can trade is the CNH, which is the CNY proxy from Hong Kong, if I remember it correctly against other currencies. Its rate is similar to the real CNY.
