CME Group gears up for renminbi futures demand
CME Group is hastening the launch of offshore renminbi futures and striving to improve the product liquidity to meet the demand of investors for effective hedging instruments, Hong Kong Economic Journal reported.
The group's Asia Pacific managing director, Christopher Fix, was quoted as saying that there is insufficient liquidity in the market due to a limited number of hedging products and restrictions on over-the-counter trading.
Yet demand is on the rise especially after the reform of the Chinese currency regime on Aug. 11 last year, he said.
While CME will push products in its home turf, it has no plans to rush to the mainland market.
In other comments, Fix said the oil price slide has led to a surge in demand for oil derivatives.
Transactions of WTI crude oil futures soared more than 70 percent last year, he said.
Fix, who also sits on the board of Dubai Mercantile Exchange, reckons Saudi Arabia will not reduce its output despite the recent fall in oil price.
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