CNH deliverable forwards in Hong Kong could outgrow NDFs

Renminbi - China's currency

A gradual flattening of the offshore deliverable renminbi forward curve, based on the offshore renminbi deliverable in Hong Kong (symbolised as CNH), has given the one-year-old offshore forwards market the potential to overtake non-deliverable forwards within three years.

This view is increasingly being held among bankers in Hong Kong, as the combined volume of CNH spot and forwards traded in the city now averages $3 billion a day – on a par with CNY NDFs, which was the dominant market for

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