Banks welcome launch of CNH fixing
A new USD/CNH spot fixing launched today by the Hong Kong-based Treasury Markets Association (TMA) will mark a step forward in satisfying the growing demand to trade offshore renminbi, or CNH, according to market participants.
"This is a major step. On the basis of these fixings you can possibly derive new derivatives instruments, which then further helps to grow the market. The fixing is more or less a reference rate for these kinds of derivatives," said Heiko Cassens, global head of treasury
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