Chinese renminbi (RMB)
Chinese corporates step up FX hedging after reopening
Exporters eye hedges as RMB strengthens, but negative forwards points are a turn-off for some
Mutual funds dump two-thirds of FX options positions in Q4
Counterparty Radar: Morgan Stanley Investment Management leads fall in volumes with big cuts to RMB trades
Review of 2022: the return of volatility
Russia and the Fed set markets ablaze, while SA-CCR shook up FX swaps
PBoC deposit requirement hits FX hedging, again
Reinstated rule hikes forwards costs and dents volumes, but volatility sees corporate demand persist
Renminbi and the special drawing rights
What next for the role of the Chinese currency in reserve management?
Should RMB be treated as a G10 currency?
As it becomes the fifth most-traded currency, dealers weigh pricing and risk managing RMB like a G10 equivalent
MSIM option strategy set for payout
Manager has spent over $400 million buying options that have yet to generate returns – until now
MSIM holds half of FX options notionals among US funds
Counterparty Radar: Manager tops up on USD/RMB calls to extend lead and helps Goldman into second place among dealers
JP Morgan flies into top FX options spot
Counterparty Radar: Renminbi/US dollar trades also keep Morgan Stanley IM in front
Renminbi splurge lifts BNPP, MSIM in Q1 options data
Counterparty Radar: Morgan Stanley IM is largest options user, following series of huge renminbi calls
Chinese exporters urged to ramp up US dollar hedges
Dealers join China’s Safe in sounding alarm at mounting unhedged FX exposures
Dollar’s share of global reserves falls to 25-year low
Gradual decline may stem from currency diversification by emerging market central banks – IMF report
Tighter RMB rates basis brings new hedging opportunities
Increasing alignment between CNH and CNY benchmarks opens door to more cross-currency hedging by foreign lenders
PBoC eases cross-border yuan settlement policy
Central bank promotes use of yuan in cross-border settlement and financing
Investors eager for next round of China financial reforms
Bond futures and credit default swaps the missing pieces
MAS unveils renminbi funding for banks in Singapore
New funding scheme of up to 25 billion yuan replaces overnight funding facility
China derivatives appetite set to grow as PBoC lifts deposit rule
Central bank rule change could cut hedging costs by up to 100bp, traders say
HKEX to clear SOFR cross-currency swaps from early 2021
Legacy Libor cross-currency swaps could move to SOFR discounting at the same time
Filings reveal biggest FX forwards dealers
Counterparty Radar: Group of four banks executed 48% of sector’s trades during second quarter
FX swap volumes set to rise on China govvies index inclusion
Traders expect greater use of FX derivatives if FTSE Russell adds bonds to the WGBI this week as expected
RMB hedging comes onshore as regulators liberalise FX market
Foreign investors turn to CNY for bond hedges as rule changes spur more competition
Market turmoil causes traders to pull back to vanilla strategies
Emerging markets spreads tighten but liquidity still patchy
Banks trade first USD/CNY cross-currency swap versus SOFR
Risk-free rate sets new milestone with Crédit Agricole and Bank of China’s $10m trade
For FX vol, think globally, but act locally
Country-specific stories are where to look for volatility, writes Fenics