by Staff Writers
Hong Kong (AFP) Aug 22, 2012
The operator of the Hong Kong stock exchange said Wednesday that it plans to offer trading in Chinese currency futures from the middle of next month.
Hong Kong Exchanges and Clearing Limited (HKEx) will introduce futures in the renminbi (RMB), also known as the yuan, on September 17, it said -- the first offshore futures contracts deliverable in the currency.
HKEx hopes the move, first announced in April, will give it a larger role in the city's burgeoning yuan market as China works to internationalise its currency, Dow Jones Newswires reported.
The contracts will enable investors to speculate on the yuan against the dollar, Dow Jones added.
"These new futures are part of our strategy to offer a wide range of RMB-related products," HKEx Chief Executive Charles Li said in a statement.
"In addition, they will help us support RMB internationalisation and Hong Kong's further development as an offshore RMB centre," he added.
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