Thank you to all of you. The spread is big enough. I am agree with piplock, this pair is for long term ... with china's best economic growth in the world at the moment, i think RMB will always stronger ...
Can we trade CNY freely? AFAIK CNY is not allowed to be traded freely due to the gov. (I'm in China).
If we can trade CNY same as other currencies, I would like to invest in it since its price is rising day by day...
Go here : http://www.forexchurch.com/forex-broker-swap.cfm , it is a list of live swaps for various brokers. Click the arrow next to "View Different Currency" ,
this will give you a selection of currencies (CNY) is in there.....select the CNY pair you want and click Update......you will see the brokers that offer CNY
because there will be swap rates in their column.
Admiral Markets, Easy Forex, MW Markets are some of them...
Can we trade CNY freely? AFAIK CNY is not allowed to be traded freely due to the gov. (I'm in China). If we can trade CNY same as other currencies, I would like to invest in it since its price is rising day by day...
Ignored
Hi wqking,
We offer a wide range of instruments including the Chinese Yuan on MT4, to help you get the most out of your forex trading strategy.
Can we trade CNY freely? AFAIK CNY is not allowed to be traded freely due to the gov. (I'm in China). If we can trade CNY same as other currencies, I would like to invest in it since its price is rising day by day...
Ignored
My assumption
Forex on mt4 is cash settled (you don't have to deliver the actual amount of currency)so we just have a virtual exchange rate which can't be controlled by a government. You won't be able to go to a bank and ask them to exchange money at this rate but as long as people believe that this it the fair rate the pair will be at this value. Of course this exchange rate is just an agreement of people and if suddenly everyone decides that they don't want to trade anymore this position is worth nothing but I guess that this won't happen.
Can we trade CNY freely? AFAIK CNY is not allowed to be traded freely due to the gov. (I'm in China). If we can trade CNY same as other currencies, I would like to invest in it since its price is rising day by day...
Ignored
CNY is not yet a freely floating currency that has its values determined by the supply & demand forces in the market. It's only a managed float against a basket of currencies for now since about 2 years ago so it's not really tradable in that there is no continuity of price (if you ever looked at a price chart of CYN you will see it's mostly a flat line except with a sudden plateau up or down at certain times when the government allowed it to appreciate or depreciate), no established volume and no depth. No one is making a market in this currency so there is really no brokers who would offer this currency for trading.
If you REALLY want to take a look at the price movement of CNY, Oanda also used to display CYN prices on its java platform NOT on its MT4 platform; I don't know about now. I am not sure if Oanda is making a market in CNY or allowing you to invest in the currency though. If you DO invest in CYN however, just keep in mind that you will totally be at the whim of the Chinese government. If one day that the government decides not to have it floating anymore or devalue it substantially or China not being able to sustain its stellar economic growth (remember China's economy is still a relatively young one), then your investment will lose its value very quickly because there is no active market out there for you to dump it if anything happens. Unless you have inside information, you won't even know of any sudden bad news until it happens but by that time everybody would've known what happened and no one will be willing to absorb your losses at that time no matter what "agreement regarding price" might be in place now. At that time, it will be each to its own; everybody will be scrambling to unload their positions. So investors beware.
