CME offers new yuan futures contracts from Aug 22

Global futures and option contracts bourse CME Group today said it will launch a second Yuan/Renminbi (CNY) foreign exchange contract from August 22.     

The contracts would be quoted in interbank (European) terms, reflecting the number of CNY per US dollar. CME would commence with the September, 2011 settlement contract under the International Monetary Market Division, an official release issued here said.     
CME's first RMB/USD futures contract was launched in June 2006 in the US.     
CME Group said it would list both a full-sized USD/RMB (CNY) contract as well as an E-micro version to serve both the institutional and retail market.     
CME said the contracts would aim to meet growing customer demand for products denominated in the Chinese currency.     
"Given the Yuan's movement toward greater convertibility and the growing offshore trade of the currency in Hong Kong, CME Group has developed these innovative new futures contracts to further enable our customers to more effectively manage their currency risk with the counter-party risk mitigation benefits of an exchange traded product," Roger Rutherford, MD FX Products, CME Group, said.