Currency's global role takes huge step closer

Major US exchange to deliver yuan offshore contracts in HK

The internationalization process of the yuan has been given a major boost by the Chicago Mercantile Exchange.

On Monday, the owner of the world's biggest futures exchange will launch deliverable offshore yuan futures in Hong Kong by offering three-year contracts worth either $100,000 or $10,000. These are price ranges that will attract both hedge funds, retail traders and a generally more diversified client base, analysts believe.