Euronext has launched a multicurrency trading service for exchange traded funds (ETFs), making it the first exchange in the western world to introduce the Chinese yuan renminbi (CNY) and the Hong Kong dollar (HKD).

The service, expected to be available from February 17, will enable international investors to trade any Euronext listed ETFs in 20 different currencies.

“This initiative makes trading ETFs in a different currency easier, simpler and more efficient for both issuers and investors,” said Lee Hodgkinson, head of markets and global sales, Euronext.

The exchange expects the service to simplify access to international markets, reduce currency exchange risk and foreign exchange costs, and provide investors with broader investment opportunities. Euronext also said that issuers would no longer need to create a separate fund with a different ISIN code to list in another currency.

The service is subject to approval of the relevant clearing authorities.