Hong Kong Exchanges launched world's first deliverable renminbi currency futures in September 2012, and has seen the market turning around from a small sum trading volume in the first year or so to hitting over 6,000 contracts on a single day when renminbi fell the most earlier this year since new foreign exchange rate policies were introduced in 2005.
The futures, in a bid to help managing exposure to the expanding offshore renminbi market, offer a contract size of $100,000 with eight contract months up to 16 month tenor. It trades on day session and after-hours session, covering in part European and US business hours, and could settle in physical delivery.
A total of $1,485 million worth of notional value was transacted in August, according to Hong Kong Exchanges. The trading volume in the after-hours session accounted for 13 percent of that in the day session.
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