Offshore renminbi futures set new record at SGX

Number of USD/CNH contracts traded on May 10 rose sixfold in a week

Side benefit: SGX has seen a strong increase in FX traded on the exchange as the US and China skirmish on trade

Offshore renminbi futures contracts broke yet another record on the Singapore Exchange on Friday (May 10), as the notional for the contract reached $6.17 billion on the back of additional tariffs imposed on Chinese exports by the US earlier that day.

A total of 40,735 USD/CNH contracts had been traded at print time – more than six times higher than on Friday, May 3, when 6,246 exchanged hands at SGX.

On May 4, President Donald Trump announced in a tweet that the US might ramp up tariff levels

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