Banks announce renminbi product firsts
HSBC said last Friday (October 8) it traded repeated offshore deliverable renminbi options last week. The first trade was a one-month vanilla option in AUD/RMB and was traded with HSBC Private Bank for its onward distribution. The second trade was a one-year vanilla option in USD/RMB and was traded directly with a corporate client. Both products were customised to suit the end-clients' risk appetite and views on an appreciating yuan, the bank said. If exercised at expiry, clients convert their
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