China’s foreign exchange market is set to extend trading hours by 7 hours starting from January, 2016. [Photo: htx118.com]

China's central bank says the country's foreign exchange market will extend trading hours by 7 hours starting from January 4th.

Trading hours for the yuan in the Shanghai-based exchange will last till 11:30 pm local time.

The People's Bank of China, along with the forex regulator, said in a statement that they will also allow more overseas banks to enter the interbank forex market.

For more on the topic, CRI’s Shane Bigham spoke with Cao Can, CRI's financial commentator.