The offshore yuan is on track to become the second-most traded currency against the US dollar in the foreign-exchange options market, overtaking the yen, according to LCH. The euro-dollar pair is expected to remain the most traded when the BIS releases its 2028 triennial survey. LCH’s ForexClear head said banks trading euro-dollar and dollar-yen options would welcome clearing yuan options. The yuan accounted for 8.5% of global FX transactions in the latest BIS survey, up from 7% in 2022, compare

The offshore yuan is on track to become the second-most traded currency against the US dollar in the foreign-exchange options market, overtaking the yen, according to LCH. The euro-dollar pair is expected to remain the most traded when the BIS releases its 2028 triennial survey. LCH’s ForexClear head said banks trading euro-dollar and dollar-yen options would welcome clearing yuan options. The yuan accounted for 8.5% of global FX transactions in the latest BIS survey, up from 7% in 2022, compared with 89% for the US dollar, 28.9% for the euro, 16.8% for the yen and 10.2% for the pound. LCH said it plans to expand clearing services for offshore yuan derivatives and add Chinese government bonds denominated in offshore yuan as collateral by early Q3 2026, with potential settlement through CMU OmniClear in Hong Kong next year.