Key facts
- Guotai Haitong Securities received approval to trade offshore yuan in the Shanghai Free Trade Zone.
- Guotai Haitong Securities is the first Chinese brokerage to receive this approval.
- The firm will offer spot and derivative trading.
- Trading is set to begin on July 6.
- This expands access beyond commercial banks.
Guotai Haitong Securities has secured approval to trade the offshore yuan in the Shanghai Free Trade Zone, marking a significant first for Chinese brokerages. The firm is slated to begin offering spot and derivative trading services for the offshore yuan starting July 6. This move will broaden access to trading the offshore yuan, which was previously largely confined to commercial banks. The approval is seen as a step towards further internationalizing the Chinese currency.