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The internationalization process of the yuan has been given a major boost by the Chicago Mercantile Exchange.
On Monday, the owner of the world's biggest futures exchange will launch deliverable offshore yuan futures in Hong Kong by offering three-year contracts worth either $100,000 or $10,000. These are price ranges that will attract both hedge funds, retail traders and a generally more diversified client base, analysts believe.
KC Lam, the Singapore-based head of foreign-exchange products in Asia for the CME Group, said China's economic status - as the world's second-largest economy, the largest exporter and second-biggest importer - will lead to a growing...