CME Group has postponed the launch of its new U.S. dollar/CNY futures contract by seven weeks, Risk.net reports. The launch has been delayed as trading members interested in the contract required more time to reconfigure their back-end settlement system for handling the new currency-quoting format.

The contracts, to be quoted in European terms rather than CNY/USD terms, will now be launched on October 17 instead of August 22. The products, consisting of a standard contract based on $100,000 and ‘e-micro’ contract of $10,000, will be denominated in renminbi and cash-settled in the dollar.

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