Singapore Exchange Limited (SGX:S68) today announced that it marked a record in USD/CNH futures trading in December 2015.
The Exchange said that USD/CNH futures trading volume rose more than 50% month-on-month to a record 51,702 contracts traded (approximately US$5.1 billion in notional value traded) last month. In annual terms, the rise is even more pronounced, as it compares with 9,549 contracts traded in December 2014.
Open interest in SGX USD/CNH futures reached a new high of 10,495 contracts on December 31, 2015, on the back of new client acquisitions and higher hedging demand by investors amid increased market volatility.
SGX noted in its announcement that the People’s Bank of China (PBoC) set the daily reference rate for the Chinese Renminbi below RMB 6.5 to the US dollar for the first time in more than four years today (January 4th), signalling that the weakness in the currency seen last year is set to be a market trend this year too.
You can view the full announcement from SGX by clicking here.