CME Group, the largest futures exchange, will allow international investors to use the Chinese currency as collateral for trading in all its futures products from January 2012.
The move, announced yesterday, means investors holding renminbi deposits in Hong Kong or elsewhere outside mainland China can use the currency to bet on markets including metals, grains and energy.
“It has symbolic significance that the best-known futures exchange in the west has put a stamp of legitimacy on the Chinese currency,” said Dariusz Kowalczyk, a Hong Kong-based strategist at Crédit Agricole. But the move
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