SGX offshore RMB futures sees record-breaking volume in December

Trading volume surged by over 50%.

SGX's offshore RMB futures saw a 50% month-on-month trading volume surge in December. A staggering 51,702 contracts were last month, making it the most actively traded offshore Renminbi futures product globally.

Monthly volume in SGX USD/CNH futures achieved a record 51,702 contracts traded, surging over fivefold year-on-year versus the 9,549 contracts traded in December 2014. 

The SGX said that open interest in SGX USD/CNH futures soared to a new high of 10,495 contracts as at 31 December 2015, spurred on by new client acquisitions and increased hedging demand by investors amid higher market volatility.

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 on Monday 4 January, in a signal that the weakness in the currency seen last year is set to remain a market trend into 2016.
 

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