Yuan - quote time extensionJulius Conley 30 / June / 22 Visitors: 138
According to these sources, the People's Bank of China interviewed some of the main market participants, asking their opinions on the possible extension of the duration of meetings to 19:00 GMT from 15:30 GMT at the moment.
"Hedging hours of work on the global market is part of the requirements of the International Monetary Fund (IMF) for currencies included in the basket of special drawing rights (SDR)," said one of the sources.
The expansion of the charts will cover most of the trading day in Europe and the United States and may allow foreign investors to better hedge their currency risks.
In mid-May, the IMF increased the yuan's weight in its basket of currencies from 10.92% to 12.28%, which was the first revision since the Chinese currency included it in 2016.
The National Office of Currency Control (SAFE) did not immediately respond to a request for comment.
"A longer session for currency exchange could give stakeholders more flexibility and therefore encourage more global use of the yuan," HSBC analysts said in a note.
"In addition, an increase in the volume of onshore yuan trading during off-hours in Asia may provide more information about offshore yuan trading and reduce the gap between onshore and offshore," they added.