Options generally give the holder a leverage effect that less wins more, and the theoretical gains and losses are amplified. For example, the out-of-price option allows the holder to make a profit after the RMB falls by 3%. Then, when the RMB has fallen by nearly 3%, in order to recover losses, option issuers need to short RMB more, showing risk characteristics.

2. Dim sum bonds

The so-called exchange refers to the issuer's real-time exchange of RMB cash into foreign currency after the offering. Since dim sum bonds must be repaid to bondholders on the maturity date, most issuers will buy forward RMB futures, that is, foreign exchange swaps, while selling RMB spot. Then why doesn't the issuer directly raise foreign currency (such as US dollars)?

The main reason is the short-term imbalance between supply and demand in individual currency markets, which may lead to the capital cost of a certain currency (such as RMB) being cheaper than the currency needed for daily operation (such as USD). Last September to 10 was a time of global risk aversion and shortage of US dollar funds. Dollar capital cost is high (even there is no market). Some banks that don't actually need RMB funds think that RMB dim sum bonds can be issued to absorb RMB and convert it into US dollars to ease the demand for US dollar funds. The problem is that when the dollar is in short supply and the global risk aversion is abnormal, if banks raise the RMB and exchange it for foreign exchange, it is likely to push up the cost of offshore RMB funds. If this market information "spreads" and eventually leads investors to sell offshore RMB, it is likely to increase the discount pressure of CNH relative to CNY.

3. Renminbi-denominated stocks

Offshore RMB-denominated stocks "talent wither", and the market seems to expect the introduction of the dual-currency and dual-share mechanism to help break the deadlock. However, there is a big problem with dual currency and dual shares. Investors can buy stocks in one currency and sell stocks in another currency at the same time, thus achieving the effect of pure investment or shorting RMB currency. Dual currency and dual shares may become an alternative way to buy and sell RMB. The existing mechanisms such as the Hong Kong Monetary Authority do not seem to restrict such disguised foreign exchange trading activities. In the case of abnormal market turmoil, the Hong Kong Monetary Authority may strengthen its control over RMB foreign exchange transactions (such as restricting bank positions), and the seemingly indirect dual-currency and dual-share foreign exchange channel may become the only way for speculators. Market turmoil and loopholes in foreign exchange speculation are "double blows" that should be prevented as soon as possible.

4. Metal commodities denominated in RMB

Earlier, the Hong Kong Commodity Exchange announced that it would launch metal commodity futures contracts denominated in RMB, and some banks in Hong Kong have launched gold ETFs quoted in RMB and listed in Hong Kong. In fact, just like dual-currency and dual-share, investors can buy metal goods in one currency and sell the same goods in another, which is an alternative way of RMB trading (for example, buying gold futures quoted in US dollars and selling gold contracts quoted in RMB at the same time, as long as the settlement or physical delivery standards of the two gold contracts are not much different, the effect of buying RMB and selling foreign exchange in US dollars can be achieved).

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