A spokesperson for HKEx confirmed that it had developed a plan for a renminbi-denominated FX contract. The proposed contract size is Rmb1m ($147,000).

“HKEx has been conducting a soft consultation in the market on the introduction of a renminbi futures product. The project is still at a very preliminary stage,” the spokesperson said.

The news came after the Hong Kong Securities and Futures Commission released a circular on August 31 encouraging its members to prepare for new renminbi-denominated products. It suggested that market participants could open accounts in the currency at clearing banks and adopt effective risk management control measures.

Listing renminbi FX futures has been a long-held ambition for HKEx. In March, Charles Li, its chief executive, highlighted new renminbi-denominated products as a key element of the bourse’s future plans. He described the Chinese currency as “the future”.

One obstacle for HKEx is regulation – any renminbi products will need to be approved by Chinese authorities.

But in recent months China has embarked on a series of steps designed to boost its international reach.

In June, China said any company in the world would be allowed to open a renminbi bank account in Hong Kong and that account holders would be free to exchange the currency as they please.