The first US RMB FX options business in China landed on the night of the 20th
The State Administration of Foreign Exchange today issued the Notice on Relevant Measures to Further Promote the Foreign Exchange Market to Serve the Real Economy (Huifa No. 15), proposing to add RMB to US options foreign exchange, Asian options and their portfolio products in the interbank foreign exchange market. After the release of the new agreement, China CITIC Bank immediately contacted customers upon request. After comprehensive communication, China CITIC Bank Hangzhou branch and local customers reached the first US domestic RMB currency option trade on the night of the 20th. Customers met their trading needs in terms of flexible use of funds on the assumption that they completely avoided currency risk by buying US options. Subsequently, the four branches of China CITIC Bank in Fuzhou, Hangzhou, Guangzhou and Shenzhen reached three US RMB currency options and two Asian RMB currency options with customers that night. The new products launched by the exchange office have been fully implemented in China CITIC Bank. Experts said the rapid landing of US and Asian options trading in RMB currencies is in line with companies’ urgent demand for exchange rate hedging in the current market environment characterized by increasing fluctuations. RMB exchange rates.