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USD/CNH volumes fell 84% in 2025 as PBoC currency management took hold
The Chinese renminbi was only a few years ago considered among the most actively traded currencies in foreign exchange options. But volumes have collapsed over the past year, as the People’s Bank of China’s (PBoC) tight management of the currency squeezed implied volatility to its lowest level in a decade.
Vanilla FX options on the US dollar/offshore renminbi (CNH) pair fell roughly 84% between January and November 2025, with average weekly notional volumes dropping from $63.5 billion to $9.9
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