What is the foreign exchange market?
Foreign exchange market/Currency market is engaged in the international foreign exchange trading, foreign exchange swap market place of supply and demand. The functions of the foreign exchange market operations monetary commodities, currencies of different countries operate.
Foreign Exchange Market /Currency market- Overview:Foreign exchange market is the business of foreign currency and foreign currency-denominated bills and other securities trading markets. Foreign exchange market is a major component of the financial markets.Because of international trade, investment, tourism and other economic exchanges, the total money income relationship inevitably produce. However, different national monetary system, in order to pay in a foreign country, you must first purchase of foreign currency in domestic currency; the other hand, payment instruments in foreign currency received from abroad must also be converted into national currency in domestic circulation. This occurred in domestic currency and foreign currency exchange problems. Parity between the two countries, said the exchange rate or currency exchange rates. Western central banks to implement foreign exchange policy, foreign exchange rate impact, often trading foreign exchange. All foreign exchange transactions of commercial banks, foreign exchange franchise business banking, foreign exchange brokers, importers and exporters, as well as other foreign exchange supply and demand of those who are operating a variety of cash transactions and forward transactions. This is a country composed of all foreign exchange business of foreign exchange market.
Previously, most people know only the foreign exchange market is a foreign concept, but after several periods of evolution, it has been better able to understand for the average person, and foreign exchange transactions have been applied to financial instruments.Whether or not understand the foreign exchange market, in which each person has as a part of, in short, pocket money has made you a currency investor. If you live in the United States, loans, stocks, bonds and other investments are denominated in U.S. dollars, in other words, unless you are a small number have bought foreign currency accounts or foreign currency, multi-currency stock investors, or is the U.S. dollar of investors.
To hold U.S. dollars, basically you have chosen not to hold other country's currency, because you are buying stocks, bonds and other investment or bank account deposits begin dollars. Appreciation or depreciation of the U.S. dollar, may affect the value of your assets, thereby affecting the overall financial position. Therefore, there are many smart investors make good use of the changing nature of foreign exchange rates, foreign exchange trading and profit.
From the founding has been the foreign exchange market after several changes. Previously, the United States and its allies begin with Bretton Wood Agreement as the norm, that a country's currency exchange rate pegged to the amount of its gold to prepare, but in the summer of 1971, President Nixon suspended the dollar and gold convertibility, exchange rate fluctuations resulting from the the system. Now a country's currency exchange rates and supply and demand depends on its relative value. Reduce barriers and increase opportunities, such as the collapse of communism in Asia and Latin America, the dramatic economic growth has brought foreign investors new opportunities.
Frequent trade and increased international investment, to enable countries to form a close relationship of the economy, the world's regular economic reports such as inflation, unemployment, and some unexpected news, such as natural disasters or political instability, etc., are factors affecting the currency, currency change, also affected the currency in the international supply and demand. Fluctuations in the dollar continued to compete on the world's other currencies. International trade and the result of exchange rate changes, creating the world's largest market - the foreign exchange market, a highly effective reckless, fairness and liquidity of the leading world-class market.
Foreign exchange market( Currency market)is a cash inter-bank market or inter-dealer market, it is not the traditional image of the physical market, there is no place for physical transactions, the transaction is by telephone and through computer terminals around the world, direct inter-bank market is a qualified foreign exchange settlement transactions-based traders, and their total foreign exchange transactions constitute the large transactions that created a huge amount of foreign exchange market trading, but also to the foreign exchange market as the most liquid markets.
Foreign exchange market is the largest financial market, single-day turnover of up to $ 1.5 trillion. In the traditional impression that foreign exchange trading is only suitable for banks, financial groups and financial managers of the application, but after all these years, the foreign exchange market continued to grow, and has links to the global foreign exchange transactions, including banks, central banks, brokers and companies organizations such as the import and export businesses and individual investors, many institutions and organizations including the United States Federal banks make huge profits through the Exchange. Today, not only for banks and foreign exchange markets offering profit opportunities for the consortium, but also for individual investors to profit opportunities.
Foreign exchange market - the major players
1. Central Bank (central bank)
2. Foreign banks (specialized foreign exchange bank)
3. Foreign exchange broker (broker)
4. Discount firms (discount company)
5. Foreign exchange dealers (foreign exchange trader)
6. Multinational companies (multinational company)
7. Foreign exchange speculator (speculator on foreign exchange)
8. Importers and exporters and other foreign currency supply and demand are
Eight categories above the foreign exchange market trading participants, summed up the central bank, foreign bank, foreign exchange brokers and customers in four major foreign exchange markets. Most of these four market participation, constitute all the foreign exchange market transactions or relationships of the five forms:
(1) foreign banks and foreign exchange brokers or foreign exchange transactions between the customer;
(2) of the same foreign exchange market foreign exchange transactions between banks;
(3) of the different foreign exchange market foreign exchange transactions between banks;
(4) foreign central banks with foreign exchange transactions between banks;
(5) the foreign exchange transactions between central banks.
Foreign exchange market - Category:The external form of the foreign exchange market by classification, the foreign exchange market can be divided into tangible and intangible foreign exchange market foreign exchange market.Invisible foreign exchange market, foreign exchange market, also known as the abstract, is not fixed, the specific location of the foreign exchange market. This market was originally popular in the United Kingdom and the United States, so the organization known as the Anglo-American way. Now, this form of organization not only extends to Canada, Tokyo and other regions, but also penetrate into the European continent. The main features of the invisible foreign exchange market: first, not sure of the opening and closing time. Second, buyers and sellers without the need for face to face foreign exchange trading, foreign exchange with suppliers and demanders telex, telegraph and telephone communications equipment and foreign institutions. Third, the main relationship of trust between the good, otherwise difficult to complete such transactions. At present, apart from individual European countries as part of banks and foreign exchange transactions between the customer still be outside the foreign exchange, foreign exchange transactions around the world through modern communications networks. Invisible foreign exchange market has become the dominant form of foreign exchange market today.
Visible foreign exchange market, also known as a specific foreign exchange market, refers to a specific fixed location of the foreign exchange market. This market was originally popular in Europe, so the organization known as the continental way. The main physical characteristics of the foreign exchange market: first, foreign exchange generally refers to a fixed location, usually located in the world's financial center. Second, both sides engaged in foreign exchange business of each trading day in foreign exchange transactions within the specified time. In the period of free competition, the Western countries mainly in foreign exchange trading foreign exchange. But to enter the monopoly stage, the monopoly of foreign exchange banks, resulting in foreign exchange was dying.
Suffered by the degree of control to classify foreign exchange, foreign exchange market can be divided into free foreign exchange market, foreign exchange black market and official market.Free foreign exchange market: is the government, institutions and individuals can buy or sell any currency, any amount of foreign exchange market. Free foreign exchange market, the main features are: first, the sale of foreign exchange regulations. Second, the trading process is open. For example: the United States, Britain, France, Switzerland, the foreign exchange market are in a free foreign exchange market.
Foreign exchange black market: refers to the illegal foreign exchange trading market. The main features of foreign exchange black market: first, the government restricted or prohibited by law under the conditions of foreign exchange generated. Second, the transaction has a non-public. Because most of the implementation of foreign exchange control policies in developing countries do not allow free foreign exchange market exists, so the foreign exchange black market in these countries is relatively common.
Official market: is the government's exchange control laws in accordance to buy and sell foreign exchange market. This involved the main foreign exchange market, exchange rate and transaction process has specific requirements. In developing countries, the official market more generally.According to classification of foreign exchange trading range, the foreign exchange market can be divided into the wholesale market and foreign exchange retail foreign currency market.Foreign Exchange Market: refers to the interbank foreign exchange trading between behavior and place. Its main feature is a large-scale transactions.Retail foreign exchange market: is the personal and corporate banking and foreign exchange transactions between the customer behavior and location.
Characteristics of the foreign exchange market
• 24-hour tradingAs a global financial center location is different from the world's major foreign exchange market due to the time difference between a day and night, 24-hour continuous operation of the huge market. Wellington, Sydney, Tokyo, Hong Kong, Frankfurt, London, New York and other major foreign exchange markets closely, to provide investors with no barriers of time and space, the ideal place for investment. Only on Saturdays, Sundays and national major holidays, the foreign exchange market was closed.
• a huge volumeForeign exchange market is the world's largest financial market, the daily turnover over 1.2 trillion dollars, the peak even more than three trillion U.S. dollars. The scale has far exceeded the stock, futures and other financial products markets, increasing the size of the transfer of wealth, the speed is getting faster.
• There are no games marketCurrency trading is no uniform operation of the market through a network of salesmen, modern communications and computer equipment used in the large number of information flow and cash flow by the composition of the invisible market. Between countries in the foreign exchange market has become a fast, well-developed communications network, to any foreign exchange transactions can be by telephone, computers, mobile phones and other devices in the global network of China Unicom to carry out foreign exchange transactions, transfer funds and complete the transfer. This site is not a unified foreign exchange market is called "a city without field" despite the foreign exchange market, "a city without field", but it has the information public, the rapid transmission characteristics.
• zero-sum gameIn the foreign exchange market, exchange rate fluctuations that change the Value of the two currencies, that is, the value of one currency with another currency to reduce the increase in the value. Therefore, the foreign exchange market has been described as a "zero-sum game", more specifically, the transfer of wealth.
• Low transaction costsForex trading does not charge commission or fees, but only as a set point difference between the cost of transactions, relatively speaking, relatively inexpensive.• Two-way tradeForeign exchange market operations can be two-way trading, traders can buy for long after the sale transaction, or you can sell and buy for short transactions. The stock market is only "after the first sale to buy" one-way transaction.• Low policy interventionsAlthough a central bank from the monetary and exchange rate policy, exchange rate policy, macroeconomic point of view of the overall requirements, will make the appropriate foreign exchange market interventions. However, the ability of central banks to intervene in the foreign exchange market, huge capacity is not prominent, and indeed the buyers and sellers in the camp at any time a large number of large financial institutions and ordinary traders there and continue to participate in trading activities, it is no agency or individuals to manipulate the market. International foreign exchange market and the futures or stock markets, is the most fair market.
• to facilitate transactionsCan use levers for margin trading in foreign exchange market is relatively stock market's key advantages. The daily foreign exchange market trading volume of more than $ 1.2 trillion on the U.S. stock market trading volume of 30 times. Huge volume to maintain a highly liquid market, thus ensuring price stability. High-volume, high liquidity, high price stability, these three factors is to support high leverage reasons.
Foreign exchange market - the market functionsFunction of the foreign exchange market mainly in three aspects, first, to achieve the international transfer of purchasing power, and second, to provide financial intermediation, third, to provide foreign exchange hedging and speculation in the market mechanism.1, the foreign exchange market - to achieve the international transfer of purchasing power.International trade and financial intermediation involves at least two currencies, different currencies of different countries to form purchasing power, which requires the domestic currency into foreign currency to clean up the claims and liabilities, the purchase can be achieved. And that this exchange is conducted in the foreign exchange market. Foreign exchange market purchasing power provided by the transfer of this transaction is a smooth economic mechanism, the presence of its various potential sale of foreign exchange and foreign buyers who wish to contact them. When the foreign exchange market exchange rate is exactly equal to the supply of foreign currency demand, the potential sale and purchase of all wishes are met, the foreign exchange market is in a state of equilibrium. Thus, the foreign exchange market provides a mechanism for the international transfer of purchasing power. Also, because of communication has developed foreign exchange market in the world together into a whole, making the currency exchange and money remittance can be done in a very short period of time, the purchasing power of such movements become quick and easy.
2, the foreign exchange market - to provide financial intermediation.To the international foreign exchange market transactions provide the convenience of financial intermediation. Foreign exchange deposit and loan business focused on their social idle funds, which can adjust the remaining places, to speed up capital turnover. Foreign exchange market to smooth international trade provides a guarantee that when the importer does not have enough cash on delivery, the exporter can open a money order to the importer, allowing deferred payments, and bills discounted way to sell money orders, money back. Foreign exchange market to facilitate the function of financial intermediation to promote the international lending and international investment activities carried out smoothly. U.S. Treasury bills and government bonds issued in large part by foreign official institutions and businesses to buy and hold, this investment in securities from the foreign exchange market in the case of the unthinkable.
3, the foreign exchange market - to provide foreign exchange hedging and speculative mechanisms.Denominated in foreign exchange transactions in international economic transactions, the two are facing foreign exchange risk. As the foreign exchange market participants to determine the risks and preferences of different, and some players would rather spend a certain amount of cost to transfer risk, and some participants are willing to take risks to achieve the expected profit. The resulting foreign exchange hedging and foreign exchange speculation are two different behaviors. The gold standard and fixed exchange rate system, foreign exchange rate basically stable, and therefore will not form a foreign exchange hedging and speculative needs and possible. The floating exchange rates, foreign exchange market function has been further developed, there is hedging the foreign exchange market to provide a place to avoid foreign exchange risk, but also provides a risk for the speculators, profit opportunities.
Foreign exchange market - market playersForeign exchange market participants, including foreign banks, foreign bank's customers, the central bank, foreign exchange dealers and foreign exchange brokers.(A) foreign exchange bank.Exchange Bank also known as foreign exchange designated banks, which, under the Exchange Act designated by the central bank can conduct foreign exchange business of commercial banks or other financial institutions. Foreign banks can be divided into three categories: business, franchise or concurrently foreign domestic commercial banks, foreign commercial banks in the country's domestic and foreign branches and joint venture banks, foreign exchange businesses of other financial institutions. China's foreign exchange banks, including the four major state-owned commercial banks and the Bank and other national joint-stock commercial banks, and foreign exchange business with qualified branches of foreign banks in China, the number of local commercial banks and credit unions do not have the designated foreign exchange banks of qualifications.
(B) the foreign exchange and bank customers.In the foreign exchange market, where foreign banks and foreign exchange transactions between the companies and individuals, are suppliers of foreign exchange banks, demand and speculators in the foreign exchange market plays an important role. Them promising for international trade, international investment and trade in foreign economic transactions, is also the foreign exchange supply and demand are sporadic, such as international tourists, students and so on. China's foreign exchange bank customers are mainly foreign exchange needs of various enterprises, due to production and management and international trade needs arising from foreign exchange demand and supply. With China's open door and the general improvement of people's income, the individual in the position of foreign exchange transactions became increasingly important.
(C) the foreign exchange brokers.Means between the foreign exchange forex broker between banks, foreign banks and other foreign exchange market participants, contact, contact the foreign exchange trading, brokerage commissions earned from companies or individuals. China's current foreign exchange market, forex broker's role has emerged as China's foreign exchange market, forex broker's role will be gradually expanded.
(D) trading center.Most of the country's foreign exchange market has a fixed place of trading, trading center for the parties involved in the transaction provides a place of rules and order of the transactions and settlement mechanisms to facilitate the transactions between members, promote market stability and development. Bund in Shanghai, China Foreign Exchange Trade Center is the fixed foreign exchange market place.
(E) central banks and regulatory agencies.Another important foreign exchange market participants and central banks. This is because central banks are in possession of a considerable number of foreign exchange balance as an important component of international reserves, and for the maintenance responsibilities of domestic monetary and financial markets. With the gradual increase in China's foreign exchange reserves, central bank foreign exchange market in China's increasingly important role, a large number of foreign exchange reserves, central bank intervention in the foreign exchange market as an important guarantee. In addition, as the importance of the foreign exchange market, national regulatory agencies are generally dedicated to regulate the foreign exchange market, China's foreign exchange market, the regulatory agency for the State Administration of Foreign Exchange.
Foreign exchange market - market instruments
Foreign exchange market transactions and a wide range of trading tools, market participants can choose according to their need for flexibility.
(A) spot transactions (Spot)
Foreign exchange spot transactions, also known as cash transactions or cash transactions, foreign exchange transactions refer to both the prevailing price of the foreign exchange market transactions, and transactions within two business days after payment for delivery of the currency in foreign exchange transactions. Foreign exchange spot transactions on the foreign exchange market is the most common, the most common forms of sale. As the delivery time is shorter, suffered foreign exchange risk.
(B) forward transactions (Forward)
Forward transactions in foreign exchange trading transaction is when the two sides signed the first contract, provided the transaction currency amount, exchange rate and delivery time, place, etc., and at some future time agreed upon in accordance with the contract for delivery of a foreign exchange way. Forward foreign exchange transactions of the period on a monthly basis, usually for one month to six months, there can be up to one year, usually three months.
(C) swap (Swap)
Swap is the simultaneous buying and selling the same amount of a currency, but the buying and selling a different delivery period and foreign exchange transaction. Swap transactions is the main purpose is to avoid exchange rate fluctuations.
(D) foreign exchange futures
Foreign exchange futures contract is in accordance with a specified month in the future to buy and sell a specified amount of foreign currency transactions. Currently, the world's major financial centers have set up a financial futures market, foreign exchange futures hedging and speculation has now become an important tool.
(E) foreign exchange options trading
Foreign currency option is a kind of a fee (premium) to obtain at a certain moment or time buy or sell a foreign currency has the right to peace. Seller of the option contract expiration date in the contract before the exchange rate by buying or selling an agreed amount of foreign exchange, but also the rights of non-performance of this contract.
Foreign exchange market - structure
Official foreign exchange market market market and informal forms.
① formal market, refers to specific places foreign exchange market trading, as the general commodity trading, as participants in a certain place at a certain time to trade foreign exchange collection. Continental Europe Germany, France, Holland, Italy and other countries fixed foreign exchange is such a case. In this way the market is called continental market.
② informal foreign exchange market, refers to the participants in the use of telegraph, telephone or fax, Internet and other telecommunications tools transaction, the transaction is not a fixed location. Britain, the United States, Canada and Switzerland and other countries have adopted this approach, known as the Anglo-American foreign exchange markets. After World War II, due to international economic exchanges become more frequent, increasing complexity of foreign exchange, international foreign exchange trading is increasingly important. Meanwhile, the development of communication tools, the European continent in the most foreign exchange transactions are handled by telecommunications. Traditional formal market because of limited functionality, can only do part of the local spot trading. Since the development of modern telecommunications tools throughout the world the telephone, telegraph, telex line network formation, global foreign exchange market regions the world has been able to follow the interface between the time zone differences, there has been a global 24-hour continuous exchange transactions. For example, although the name of the Hong Kong foreign exchange market is opened daily from 9 am, in fact, nearly half an hour ahead of the general travel market began to report, the closing time should be 17:00, but this time the London foreign exchange market is just beginning, late 12 the New York foreign exchange market is opened, again and again to transfer effectively to ensure the continuity of foreign exchange transactions.
Depending on whether spot or forward foreign exchange operations, foreign exchange market can be divided into spot and forward foreign exchange market foreign exchange market.
Foreign exchange market - the role of
① International Settlements. Because foreign exchange is an international economic exchanges between the means of payment and settlement means, so liquidation is the most basic role of the foreign exchange market.
② credit. As the bank foreign exchange business, it is possible to use foreign currency income and expenditure of the time difference to provide loans for importers and exporters.
③ hedging. The preservation of futures trading. This speculative futures trading with different purposes, it is not to profit from price movements, but to make the foreign exchange earnings in future exchange rate movements will not suffer losses, it is very important for importers and exporters. If and when the exporter has a long-term foreign exchange earnings due to exchange rate changes in order to avoid the risks which may result, you can use this pen as a futures exchange to sell; the other hand, importers can also be purchased in the foreign exchange market, foreign exchange futures, to to meet future payments needs.
④ speculation. That expected price changes and trading of foreign exchange. In the foreign exchange futures market, speculators can take advantage of exchange rate movements for profit, have a "long" and "short" bets on the future market conditions. "Long" is a foreign currency exchange rate is expected to rise, which at current prices to buy, but be long-term delivery, the kind of foreign currency exchange rate to rise, according to "spot" price for immediate sale, you can reap the difference between the exchange rate changes. In contrast, "short" is expected to fall by a foreign currency exchange rate, which sold for forward delivery according to the prevailing foreign currency, after the expiration of the price decline, according to the "spot" price to buy on the tonic. This speculation is the use of market price fluctuations in foreign exchange at different times carried. In the same market, but also at the same time, the use of different exchange rate differences on the market for arbitrage activities.
The world's major foreign exchange marketWorld trade volume and international impact of foreign exchange market in London, New York, Paris, Frankfurt, Zurich, Tokyo, Luxembourg, Hong Kong, Singapore, Bahrain, Milan, Montreal and Amsterdam. Trading in these markets, foreign exchange mainly the euro, British pound, Swiss franc, Canadian dollar, yen and other currencies, other currencies are also traded, but very few.
Major international markets more than 30, the most important thing is to New York, London, Tokyo, and the rest of Singapore, Paris, Sydney, etc. are relatively small, but can not ignore these small markets, it is these small and middle market to the foreign exchange market operate 24 hours a day.
London foreign exchange market is a very typical invisible market, has been the world's largest foreign exchange market, the largest is the British pound and U.S. dollar transactions, followed by the euro and yen, Swiss franc, and his transactions are GMT 15:30 to midnight : 30, so the foreign exchange trading volume on the afternoon began to feel big, Sydney morning, when the Tokyo foreign exchange market, and his slightly smaller volume, the London foreign exchange market is half past three pm to 12:30 midnight the evening.
New York foreign exchange market is also a very large foreign exchange market, foreign exchange trading him entirely through modern communications and an electronic computer, because the U.S. is open, there is no exchange controls, the Government will not appoint a special bank, almost all of the U.S. banks and financial institutions can operate foreign exchange business, the New York foreign exchange market participants or the main commercial banks, which include 56 more than commercial banks, there are more than twenty foreign banks, trading was very active in New York, New York foreign exchange market is a speculative financial market, unlike other foreign exchange market, foreign exchange market to do some more foreign trade transactions, such as the export trade-related transactions, New York is a financial exchange market, a large proportion of speculative trading. New York foreign exchange market is completely free foreign exchange market, just about London is an indirect quotation, sterling as their main currency, New York has a direct quotation, but also indirect quotation, trading volume of currency is the euro pound Rui order varieties Lang and Canadian dollars, larger than the European market trading, the yen is relatively less, the transaction time is nine at night teenagers, four in the morning. More than 50% of global dollar transactions are conducted through the bank clearing system in New York, New York, so the market is trading center. Tokyo foreign exchange market is also an invisible market, can be inter-bank transactions, but also by brokers, Tokyo foreign exchange market relatively simple species, mainly the yen against the U.S. dollar, euro, Japanese as a major exporter, his import trade The payment is more concentrated, it is more susceptible to interference, and his trading hours are 8:00 am to half past three p.m. GMT.
Paris market, have more features, he is a combination of tangible and intangible market, physical market is the Paris Stock Exchange's foreign exchange transactions, similar to our securities markets, the main varieties of the U.S. dollar against the pound, the euro.There is also a Sydney daily global foreign exchange market is opening earlier in the foreign exchange market, the trading time is six he started, the first should be Wellington, New Zealand, trading volume is very small, I am now the main foreign exchange market trading session with We list a table:
Global foreign exchange market is the most intensive time in New York and London markets at the same time time, this is the most popular foreign exchange trading, when we must remember that this time, you invest an hour a day to do foreign exchange transactions, this time the most Fortunately, half past nine p.m. to 12:30, between three hours pumping one hour to do, so more efficient, more opportunities, and we found that Beijing half past nine p.m. to 12 points, U.S. economic indicators are also released when a lot. Release some of the government, the central bank's statements, such as the Greenspan speech, this must be brought to our attention. So sometimes fluctuate during the day and one day is three, fifty point, look at more than 100 points.
Although the international foreign exchange market is an around the clock 24 hours of continuous operation of the market, a market exchange rate fluctuations can quickly spread to other markets, but each has its own market has different characteristics.Sydney, daily global foreign exchange market as the first opening of the foreign exchange markets, the transaction time is about 6:00-14:00 (Beijing time). Exchange rate fluctuations are usually relatively calm trading products to Australian, New Zealand and U.S. dollars.
Tokyo foreign exchange market transactions are more single species, mainly in the yen against the dollar and the yen against the euro. As a major exporter in Japan import and export trade of the payment of its more concentrated and therefore susceptible to interference with the characteristics. The transaction time is about 8:00-11:00 and 12:30-16:00 GMT.
London foreign exchange market trading currency of many, often 30 kinds of which the largest trading against the U.S. dollar to sterling transactions, followed by the pound against the euro, Swiss franc and yen. Its trading hours to 17:00 GMT the next day about 1:00. London foreign exchange market, almost all major international banks have branches here, because of its foreign exchange market trading hours in New York link together, so the daily 21:00 to 1:00 the next day is the main most active phase of currency fluctuations.
New York foreign exchange market is an important international currency markets, the daily volume second only to London. Now account for more than 90 percent of the U.S. dollar transactions through New York's last inter-bank clearing system for settlement, so the New York foreign exchange market as the dollar's international settlement center. In addition to U.S. dollar, the currency of the major currencies were the euro, British pound, Swiss franc, Canadian dollar, Japanese yen and so on. Its trading hours to 21:00 GMT the next day about 4:00.
According to statistics, the average daily international foreign exchange market turnover of about 1.5 trillion dollars, New York, Tokyo and London is the world's largest trading center. The following are major foreign exchange market Beijing opening and closing time (Note: Europe and the United States Daylight Saving Time, the time may be different).
Over time may actually have some small discrepancies, foreign exchange market is the invisible, the deal is now reached through the Internet, the transaction time is continuous, only the trading hours listed above the main work of local time, several large domestic banks have 20 hours of trading hours, generally from 8 am Beijing time 4:00 am the next day.
Main foreign exchange market1 London foreign exchange market2 New York foreign exchange market3 Zurich exchange market4 Tokyo foreign exchange market5 Hong Kong foreign exchange market6 in Singapore foreign exchange market7 Paris foreign exchange market8 Frankfurt foreign exchange market9 Wellington Foreign Exchange Market10 Sydney foreign exchange market11 China Foreign Exchange Trade Center
Important international currency trading hours:
(Beijing time)
Wellington 04:00 ~ 13:00
06:00 - 15:00 Sydney
08:00 ~ 15:30 Tokyo
Hong Kong 10:00 - 17:00
Frankfurt 14:30 ~ 23:00
15:30 - 00:30 in London
New York 21:00 - 04:00
