HONG KONG - Hong Kong Exchanges and Clearing Limited will introduce renminbi currency futures on Sept 17, the agency announced on Wednesday.

The US dollar vs RMB traded in Hong Kong contract will be the world's first deliverable RMB Currency Futures.

"These new futures are part of our strategy to offer a wide range of RMB-related products and expand beyond equities and equity-related derivatives into fixed income, currencies and commodities," said HKEx Chief Executive Charles Li. "In addition, they will help us support RMB internationalisation and Hong Kong's further development as an offshore RMB center."

"Although we do not have any volume or open interest targets, we see great long-term potential in RMB currency futures," said Calvin Tai, HKEx's head of Trading.

According to the announcement of HKEx, USD/RMB Futures will require delivery of USD by the seller and payment of the Final Settlement Value in RMB by the buyer at maturity. The futures will be quoted in RMB per USD and margined in RMB, with the trading and settlement fees charged in RMB.

So far, more than 1,000 market practitioners and investment professionals have attended a seminar or briefing on the new futures and more events are planned.