Accessing offshore renminbi through synthetics and ETFs

Lurching towards liquidity


While the People's Bank of China (PBoC) is slowly easing restrictions on buying and selling the country's renminbi-denominated assets overseas, structurers are finding clever ways to make sure investors can not only hedge against but also benefit from any appreciation in the currency.

One such method is to structure products synthetically so they are not backed by investment in physical assets, with issuers offering derivatives exposure to the underlying asset through a series of swaps instead.

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