Interbank FX market to extend trading hours

China will extend the trading hours of the interbank foreign exchange market to 3:00, starting Jan 3, as part of the country's latest efforts to expand its high-standard opening-up, the People's Bank of China said on Friday.

The move will help the country's interbank foreign exchange market cover more trading hours in Asia, Europe and North America, the central bank said in a joint statement with the State Administration of Foreign Exchange. At present, the onshore foreign exchange market closes at 23:30.

The extension in trading hours will be conducive to increasing the depth and breadth of the onshore foreign exchange market, promoting coordinated development of onshore and offshore markets, providing more convenience for global investors and enhancing the attractiveness of renminbi assets, the statement said.