HONG KONG, May 28 (Xinhua) -- Hong Kong Exchanges and Clearing Limited (HKEx) received approval from the Securities and Futures Commission on Monday, to offer Renminbi (RMB) currency futures.

The plan is to be introduced in the third quarter of 2012. HKEx's RMB currency futures will be the first exchange-traded currency futures settled in RMB. They will require delivery of U.S. dollars (USD) by the seller and payment of the Final Settlement Value in RMB by the buyer at maturity.

Contracts will be quoted in RMB per USD and margined in RMB, with the trading and settlement fees charged in RMB. The final settlement price of the contracts will be based on the spot fixing published by the Treasury Market Association (TMA) at 11:15 am on the Last Trading Day.

HKEx has announced plans for a RMB readiness test on June 30 this year and Exchange Participants are strongly encouraged to join the test. The launch date of RMB currency futures will be announced in due course.