The way forward

Bond futures

The People's Bank of China (PBOC) has taken a major step forward in relaxing China's renminbi (RMB) derivatives market following a resumption of the country's bond forwards market in mid-June. Coming a year after the China Banking Regulatory Commission (CBRC) released its long-awaited derivatives guidelines, dealers say the move could be a precursor to further liberalisation in the derivatives market.

As of June 15, dealers have been able trade RMB bond forwards of up to one year in the inter