CME Groupwill launch offshore renminbi futures, putting it into battle with the Hong Kong exchange, in an effort to tap growing international demand for the Chinese currency.
These will be the first deliverable renminbi futures available on exchanges, creating hedging and investment opportunities that had previously been absent from China’s drive to promote its currency as a rival to the dollar.
The offshore renminbi future contract developed by Hong Kong Exchanges & Clearingwill start trading on Monday, September 17.
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