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Press Releases

Retail Renminbi Non-deliverable Forward Contracts

The Treasury Markets Forum of Hong Kong (TMF) announced today (Tuesday) that the retail renminbi non-deliverable forward (retail RMB NDF) contracts will be formally launched on 9 November 2005.

Since the announcement of the TMF standard documents for the retail RMB NDF contracts in late September, the TMF has received very good responses from banks requesting to join the original group of seven banks to provide the product for retail customers. A total of sixteen banks, namely the Bank of China (Hong Kong), Bank of Communications, Bank of East Asia, Chiyu Bank, Citibank (Hong Kong), DBS Bank (Hong Kong), Fubon Bank (Hong Kong), Hang Seng Bank, Hong Kong and Shanghai Banking Corporation, Industrial and Commercial Bank of China (Asia), Liu Chong Hing Bank, Nanyang Commercial Bank, Royal Bank of Scotland, Shanghai Commercial Bank, Standard Chartered Bank (Hong Kong) and Wing Lung Bank have joined the programme. Eleven banks will launch the product to their customers tomorrow (Wednesday). The remaining five banks will launch the product shortly after completion of preparatory work.

"We are pleased that the initiative has been very well received by the banking community. The TMF will continue to explore other initiatives which are conducive to the development of the treasury markets in Hong Kong," said Mr YK Choi, Chairman of the TMF.

The TMF announced on 26 September 2005 the introduction of retail RMB NDF contracts in Hong Kong. Initially the contracts will be offered in five tenors: 1, 2, 3, 6, and 12 months with a minimum contract size of US$10,000. To facilitate easy access to the product by small and medium-sized enterprises and other retail customers, the TMF has published a standard document setting out the offering terms for the contract, including the settlement arrangements of the contracts. The product specifications and documentation will be reviewed from time to time by the TMF, which may recommend changes to the product features as the market develops further.

All other banks are welcome to join the programme and adopt the document published by the TMF. Interested banks may approach the TMF Secretariat for further details. Further information on the retail RMB NDF product can be found on the TMF website (http://www.tmf.org.hk).

Treasury Markets Forum of Hong Kong
8 November 2005

Treasury Markets Forum of Hong Kong
Retail Renminbi Non-deliverable Forward Contracts
List of Participating Banks
(as of 8 November 2005)

  1. Bank of China (Hong Kong) Limited
  2. Bank of Communications Co., Ltd. Hong Kong Branch*
  3. Bank of East Asia, Limited
  4. Chiyu Banking Corporation Limited
  5. Citibank (Hong Kong) Limited*
  6. DBS Bank (Hong Kong) Limited
  7. Fubon Bank (Hong Kong) Limited
  8. Hang Seng Bank, Limited
  9. Hong Kong and Shanghai Banking Corporation Limited
  10. Industrial and Commercial Bank of China (Asia) Limited
  11. Liu Chong Hing Bank Limited*
  12. Nanyang Commercial Bank, Limited
  13. Royal Bank of Scotland public limited company
  14. Shanghai Commercial Bank Limited*
  15. Standard Chartered Bank (Hong Kong) Limited
  16. Wing Lung Bank Limited*


* These banks will launch the product shortly after completion of preparatory work.

Last revision date: 1 August 2011
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