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Earlier this year there were reports that the Chinese authorities are about to crack down on foreign FX brokers, after they recently banned all crypto currency trading in the country.
Also the People’s Bank of China, China’s central bank, along with the Ministry of Public Security and the State Administration of Foreign Exchange (SAFE), which governs all foreign exchange market activities, warned in a statement that they are planning to take measures against “illegal FX brokers”, offering leveraged forex trading services to Chinese customers.
However, the concerns about the Chinese authorities shutting down non-Chinese FX brokers in mainland China turned out not to apply to those companies, structured in accordance to the Chinese government rules.
For instance brokers, regulated by respected financial watchdogs such as the Financial Conduct Authority in the UK or the Australian Securities and Investments Commission (ASIC), which have opened their own physical offices in mainland China appear not be in trouble.
Also, SAFE concerns are generally mitigated when a retail broker is listed on a stock exchange in London, or has a vast domestic client base or provides liquidity to global brokers with its own trading infrastructure like for example Saxo Bank.
So basically big international brokers like IG, FXCM, which has a massive IB network in China or CMC Markets, which has a physical office in Shanghai will be safe.
Another venue to secure your FX operations in China is through a joint venture with a partner that is 100% Chinese owned and operates on Chinese infrastructure. This is exactly what eToro has done. They have sold 10% of their corporate entity to PingAn Ventures, the Venture Capital division of PingAn, a Chinese bank.