China regulators block CNY futures trading in Shanghai FTZ

Authorities fear that multiple onshore renminbi futures curves could emerge

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A proposal by the China Financial Futures Exchange (CFFEX) to launch renminbi/dollar futures in the Shanghai free trade zone (FTZ) has been rejected by China regulators; instead a contract available nationwide will only be introduced after the yuan becomes fully convertible, according to sources familiar with the matter.

While CNH/dollar futures are trading offshore at CME, SGX and HKEx, there is no onshore equivalent either in the FTZ or elsewhere in mainland China. At an industry conference in

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