Hong Kong sets start date for renminbi futures market

Traders in Hong Kong will get their first chance to trade renminbi futures on September 17, as the Chinese government continues its drive to internationalise the People’s currency.

The listed contracts will be quoted against the dollar and margined in renminbi, with trading and settlement fees also charged in renminbi, Hong Kong Exchanges and Clearing said yesterday. The margin requirement is yet to be finalised, but is expected to be 1%. Market makers will be announced before the launch date. The contracts will be available in lots of $100,000 and will initially comprise the front four months October to January and then March, June and September 2013.

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