Growth of RMB Brings Changes to FX Markets

Mar 19, 2014, 04:00 ET from CME Group

LONDON, March 19, 2014 /PRNewswire/ -- A new research report – Offshore Chinese Renminbi Market (CNH) – from CME Group, the world's leading and most diverse derivatives marketplace, looks at recent developments and how they are changing the character of the RMB markets and of the FX markets in general.

The People's Republic of China (PRC) has been pursuing the internationalization of the Chinese yuan or renminbi (CNY or RMB) since the financial crisis of 2008. On July 19, 2010, People's Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) jointly announced that RMB may be deliverable in Hong Kong, dubbed the "CNH" market, which has attracted widespread interest and activity.

The CNH market has grown rapidly to the extent that some 146 authorized Hong Kong institutions held some 860.472 billion CNH, or the equivalent of $141.8516 billion USD, in time and demand deposits as of December 2013. These developments merit close consideration in light of the economic significance of the PRC now and continuing into the future.

You can download the full report here:

Last year, CME FX launched USD/CNH futures contracts for customers to gain greater capital efficiency and flexibility for managing exposure to the expanding offshore Chinese Renminbi (CNH) market with physically delivered USD/CNH futures. You can learn more here:

NOTE: This research report has been prepared on the basis of information obtained from sources which are believed to be reliable, but no representation or warranty is offered as to its accuracy or completeness. The opinions contained in the research report represent the views of its authors as of the date of publication and may be subject to change without prior notice. Nothing in the report should be considered or relied upon as investment advice or as the basis for trading.

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