It emerged last week that HSBC and Standard Chartered have both been approved by China to act as market makers for forward yuan trading when it begins tomorrow.
In their new roles, the banks are likely to play an important part in maintaining liquidity and efficiency for the yuan as it begins to be traded against other currencies.
In addition to HSBC and Standard Chartered, ABN Amro, Citigroup and several other financial institutions have also reportedly been approved to act as market makers.
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