why can i buy the renminbi (RMB or CNY)

[colincoolcat]

Hi,

I am UK, but have exposure to cme and most other places. But for reasons unknown to me, I can see futures available in RMB$ but there is never an offer price so i can't buy. There is liquidity on CME for short dated Oct07..etc but nothing beyond.

Basically, I want to take a position in this with least hassle, but cant figure out how. Anyway have experience.

thanks

 

[colincoolcat]

Hi,

For whatever reason my 2 brokers are not even allowing the oct07 contracts for rmb. Basically, I am fed up with the USD and want to hedge and the simplest best way to do so is buy RMB, but it just seems impossible.

Having never done an OTC I guess this is the only option. To be honest, not sure even who I should call.

Does anyone know of an ETF of fund with exposure to RMB (rather than the stock market).

 

[A Dashing Blade]

looks to be very little liquidity, open int for Nov07 is 4, 427 oint for Dec, nothing beyond that, ahh, apart from 1 in June08.

Dec 07 marked as closing 0.13490 - 0.13550 last night

 

[slbailey32]

No idea who you should call - sorry. I trade in the wholesale markets and trade via NDFs if I need to trade the RMB. But the sources I have won't be much good to you.

Apologies

GJ

RMB denominated savings accounts can be set up through Everbank in the US (www.everbank.com). $10K USD equivalent minimum; little or no interest earned on account, but is a fairly easy way to hedge away from U$D.

Market Vectors RMB ETF and Wisdom Tree Chinese Currency ETF are also options.