Chinese regulators are making bankers uneasy by systematically shaping the structure of the so-called CNH market through derivatives regulation and financial bureaucracy, banking and regulatory sources said.
China's offshore yuan market, originally meant to be an experiment to help internationalise the yuan, has grown at a dizzying pace, with investors hungry for exposure to the strengthening but still non-convertible currency.
Beijing, which has made currency reforms in fits and starts, has been trying to ensure a CNH derivatives market follows the mainland market's rules, not international standards. Full story
