Internet use is widespread among China's 1.4 billion people but the retail trading market is minuscule. Forex website fx220.com reckons the country has about 1.5 million currency trading accounts, with only 200,000 active. Yet, retail forex trading in China each day averaged about US$31 billion in 2016, accounting for 6-7 per cent of the global market, highlighting the huge potential for growth.
In a statement to Reuters, China's State Administration of Foreign Exchange reiterated that forex margin trading is illegal in China."The Internet knows no national boundaries, but there must be national boundaries for financial licences. Cross-border financial service providers cannot operate without a license," China's forex regulator said in the emailed statement.
Mr Shi, who only gave his family name, is exactly the kind of investor Cardiff seeks. Based in Yuncheng in eastern Shandong province, Mr Shi was lured into forex trading five years ago by the prospect of quick fortune. He operates an eight-person trading room and mainly invests in euro and sterling, using technical models with strict rules on cutting losses.
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