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U.S. derivatives market CME Group will allow international investors to use China's currency as collateral when trading futures contracts, starting next month.
CME also said late Sunday that HSBC Global Banking and Markets that HSBC Hong Kong will serve as CME's first Far East clearing custodian in Asia.
"The agreement between CME Clearing and HSBC Hong Kong, the first of its kind, will provide CME and its members with access to this increasingly dynamic region," said Diane S. Reyes, Global Head of Payments and Cash Management, in a statement.
The exchange said it would cap the amount of renminbi, also known as the yuan, it accepts at $100 million, a relatively small figure that reflects the fact that the offshore renminbi is only a few years old and is less liquid than most major currencies, according to the Financial Times.
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