Offshore RMB Futures Reach Record High in Trading Volume

4 days ago

The Chicago Mercantile Exchange (CME) has reported a significant surge in offshore renminbi (RMB) futures trading on its platform, reaching a historical peak last month. In September, the monthly trading volume hit a record 4,567 contracts. The average daily notional trading value rose by 118% year-over-year, reaching $457 million, marking another historical milestone.

Paul Houston, Global Head of Foreign Exchange Products, noted that there has been strong demand for both spot and futures RMB products throughout the year. He attributed this to significant events prompting clients with offshore RMB exposure to mitigate and hedge risks. Notably, 4 out of the top 10 RMB spot trading days on the EBS platform occurred in 2024.

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