Hong Kong fixing sets benchmark for CNH spot
The launch of a new offshore spot USD/CNY (HK) fixing in Hong Kong on June 27 is expected to promote offshore renminbi (CNH) derivatives in the city. The development is likely to benefit FX options business and enable the trading of over-the-counter contracts with longer tenors, say bankers in Hong Kong.
Lawrence Lam, chair of the Treasury Markets Association (TMA) market practices committee and chair of Royal Bank of Scotland, greater China, based in Hong Kong, said while the new fixing is
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