Trading RMB Futures in Hong Kong
By Paul A. Ebeling, Jnr. | May 30, 2012 1:12 AM EST
Hong Kong Exchanges and Clearing Limited (HKEx) received approval from the Securities and Futures Commission Monday, to offer Renminbi (RMB) currency futures.
The plan is to be introduced in Q-3 of Y 2012 HKEx's RMB currency futures will be the 1st exchange-traded currency futures settled in RMB.
They will require delivery of US $'s (USD) by the seller and payment of the Final Settlement Value in RMB by the buyer at maturity.
Contracts will be quoted in RMB per USD and margined in RMB, with the trading and settlement fees charged in RMB. The final settlement price of the contracts will be based on the spot fixing published by the Treasury Market Association (TMA) at 11:15 am on the Last Trading Day.
HKEx has announced plans for a RMB readiness test on 30 June this year and Exchange Participants are strongly encouraged to join the test. The launch date of RMB currency futures will be announced in due course.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
Most Popular Slideshows
- Gennady Golovkin Next Fight Options: Canelo Alvarez, Miguel Cotto Or Julio Cesar Chavez Jr.
- NFL MNF: Pittsburgh Steelers 30, Houston Texans 23 [PHOTOS]
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- No Mercy: ISIS, Father Stones to Death Daughter for Alleged Adultery
- Boy Stoned To Death For Alleged Rape, Victim Receives Dowry From Militants
- iOS 8 Jailbreak Release Date is Doomed as Team Evad3rs Opts Out, Pangu Hits Snag – Report
- Google Nexus 6 vs. iPhone 5S: 4 Important Things to Consider Before Switching to Android Lollipop
- Swedish Military Spots ‘Russian Submarine’ Off Stockholm Coast, An Alarming ‘Security Game Changer’
- Russia is Creating Underwater Combat Robots to Protect its Arctic Territories
- Canada Raises National Terror Alert Level after Suspected Jihadist Runs Over Soldier