Shanghai launches renminbi derivatives clearing
CNY swaps and forwards can be cleared from November on SCH but participation by foreign banks is so far limited
Shanghai Clearing House (SCH) will finally launch its voluntary clearing service for renminbi foreign exchange forwards and swaps on November 3 but so far just three smaller foreign banks have committed to the service.
After launching mandatory clearing for interest rate swaps (IRS) in July, SCH has followed up with a clearing service for forex forwards and swaps. It was originally slated for launch in September but after a series of delays it will now start later than scheduled and with only
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