Hong Kong will launch a daily offshore spot yuan fixing rate to increase growth of yuan-based derivatives outside China, The Wall Street Journal reports. The offshore spot yuan fixing will be published every day using quotes contributed by 15 banks.
The contributing banks include HSBC Holdings, Standard Chartered, Citigroup and BOC Hong Kong (Holdings). The daily fixing makes contracts denominated in yuan more transparent and provides an independent tool for managing risks arising from exposure to the currency.
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