Taiwan will launch Chinese yuan forex futures on July 20; Taiwan joins Chicago, Hong Kong, Singapore and Brazil in introducing such futures contracts

Taiwan will launch Chinese yuan forex futures on July 20 - four sources with direct knowledge of the matter said on Wednesday, in the island's latest efforts to become a major offshore yuan market. The Taipei branches of Bank of China and China Construction Bank, as well as Taiwan's Chang Hwa Bank are among the seven that will be the market makers, said the sources. The yuan futures contract is expected to attract retail investors and companies with business on the mainland.

Taiwan will join Chicago, Hong Kong, Singapore and Brazil, among others, in introducing such futures contracts.