Renminbi liberalisation reduces demand for NDFs

The non-deliverable forward was once a mainstay of the RMB market but as the offshore sector continues to develop, greater liquidity and client demand means that more complex structures are finding favour

The NDF of the line?

As part of the maturation and continued liberalisation of China's currency, the offshore deliverable renminbi market has eclipsed the size of the non-deliverable forward (NDF) market, with a larger number of corporates and other market participants now using deliverable forwards to hedge their RMB exposure instead of NDFs. This is due to an increase in liquidity in the deliverable RMB market as a result of more trade settlement flows in and out of China.

The CNH market or offshore pool of

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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