In another big step to the further internationalization of China's currency, the Chicago Mercantile Exchange on Monday launched new futures contracts in RMB, deliverable in Hong Kong-based bank accounts.
The RMB futures will be available in three-year contracts worth either 100,000 U.S. dollars, for large, institutional investors or 10,000 dollars for retail customers.
The Hong Kong-based accounts will now settle in RMB on a daily basis as opposed to previous contracts that converted to dollars at the end of each day.
Derek Sammann, Senior Managing Director of the CME Group says this could be a mean to hedge against exchange rate risks between the RMB and the U.S. dollar.
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