A Safe distance

Cover story


Trading volumes in renminbi non-deliverable forwards (NDFs) have seen a sharp drop this year, and the fall will be hastened by China's State Administration of Foreign Exchange's (Safe) recent ban by on Chinese banks' use of offshore renminbi derivatives. The statement - issued on October 27 - says that without Safe's prior permission, domestic institutions and individuals may not trade offshore renminbi-denominated foreign exchange derivatives.

NDF volumes in the renminbi and other Asian

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