Rising renminbi trade settlement and a sliding euro are fuelling a surge in hedging between the two currencies by both multinationals and investors.
Daily trading volume in euro-renminbi options has risen from about €100m at the start of the year to at least €300m, according to estimates from HSBC, as European corporate clients and fund managers increasingly look to manage their exposure to the Chinese currency. On busy days, that figure could rise as high as €600m, the bank said.
While estimates vary on the size of the market, those involved agree that it has grown significantly this year, driven largely by demand from European companies.
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