BEIJING, Dec. 30 -- China will extend the trading hours of the interbank foreign exchange market from Jan. 3, authorities announced on Friday.

The foreign exchange market's hours will be extended to 3:00 a.m. Beijing Time to cover more trading hours in Asia, Europe and North America, according to a statement from the country's central bank and forex regulator.

The market's current trading hours are from 9:30 a.m. to 11:30 p.m.

The operational times of market management systems, such as the central parity rate, the floating range of the renminbi exchange rate and market maker quotations, will be extended accordingly.

The decision will help expand the depth and breadth of the domestic foreign exchange market, promote the coordinated development of onshore and offshore forex markets, provide more convenience for global investors, and enhance the attractiveness of renminbi assets further, the statement said.