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USD/CNH volumes fell 84% in 2025 as PBoC foreign money administration took maintain
The Chinese language renminbi was just a few years in the past thought of among the many most actively traded currencies in international change choices. However volumes have collapsed over the previous yr, because the Individuals’s Financial institution of China’s (PBoC) tight administration of the foreign money squeezed implied volatility to its lowest stage in a decade.
Vanilla FX choices on the US greenback/offshore renminbi (CNH) pair fell roughly 84% between January and November 2025, with common weekly notional volumes dropping from $63.5 billion to $9.9
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