On April 3, the Chicago Mercantile Exchange officially launched an option contract based on the existing US dollar/offshore RMB (USD/CNH) futures. CME Group believes that the offshore yuan is already widely traded in the over-the-counter market.
The launch of options on USD/CNH futures is expected to increase trading volumes while giving investors exposure to a wider range of financial output.
According to statistics from the Bank for International Settlements, the RMB accounted for 7% of all foreign exchange transactions in the world in 2022, surpassing the Australian dollar, Canadian dollar and Swiss franc to become the fifth largest trading currency in the world.
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