China will launch yuan futures on the London metals market in order to impose its currency against the U.S. dollar.
The Chinese government is going to set up futures in Yuan within the London Metal Exchange (LME), according to LME chief executive Matthew Chamberlain.
"Currently, investors trading our products in U.S. dollars. We plan to launch yuan futures soon," Chamberlain said.
The LME, which belongs to the Hong Kong Exchanges and Clearing (HKEX), already enables traders to use renmimbi as a guarantee. Last year, the HKEX stock exchange also started gold futures in yuan...
Source: rt.com