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FX Brokerages Reportedly Asked To Curb Proprietary Trading

CNY

Headlines have cross from Bloomberg that the PBoC has asked some FX brokerage firms to curb prop trading in the FX market (see this link). The guidance reportedly came from the central bank earlier in the week, which would fit with the PBoC's FX market mechanism meeting held in Beijing at this time.

  • Bloomberg notes that guidance around specific limits on volumes was not given. Some firms have reportedly halted prop trading after the guidance was issued.
  • This is a further step by the central bank to curb speculative activity in the FX market.
  • Recall yesterday Reuters reported that onshore banks were asked to stagger their USD purchases (see this link).
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