Corporate hedging demand drives growth in offshore RMB options market
A rapid expansion in type and amount of RMB structures traded in 2013 signals how the Chinese currency is going mainstream. But dealers say the real test will come when the US starts to raise interest rates
Emerging Asian currencies have taken a battering at the hands of the dollar this year. The Indonesian rupiah and Indian rupee have led the pack with falls of 17% and 16% respectively, and the Thai baht and Philippine peso have also experienced volatility during this period. One exception to this trend is the renminbi, which has continued to strengthen against the greenback, with the USD/CNY up 2.8% year-to-date in comparison.
This resilience in the face of an emerging market sell-off has helped
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