Financials May 20, 2022 11:44 PM (GMT+8) · EqualOcean
The State Administration of foreign exchange today issued the notice on relevant measures to further promote the foreign exchange market to serve the real economy (Huifa No. 15), proposing to add RMB to foreign exchange ordinary American options, Asian options and their portfolio products in the inter-bank foreign exchange market. After the issuance of the new deal, China CITIC Bank immediately contacted the demand customers. After full communication, Hangzhou branch of China CITIC Bank and local customers reached the first RMB foreign exchange American option business in the domestic market on the night of the 20th. Customers met their business needs for flexible use of funds on the premise of fully avoiding exchange rate risk by buying American options. Subsequently, the four branches of China CITIC Bank in Fuzhou, Hangzhou, Guangzhou and Shenzhen reached three RMB foreign exchange American options and two RMB foreign exchange Asian options with customers that night. The new products launched by the foreign exchange bureau were fully implemented in China CITIC Bank. Experts said that the rapid landing of RMB foreign exchange American and Asian options business is in line with the urgent demand of enterprises for exchange rate hedging under the current market environment of increasing RMB exchange rate fluctuations.

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