Corporates bought a record notional amount of U.S. dollar/Chinese yuan forwards, with trading volumes hitting around USD1 billion on the first day of 2012 trading. Volumes had reached over USD5 billion by the end of the week. [Corporates are switching to target redemption forwards from bonus non-deliverable forwards to hedge renminbi exposure for 2013, since the former offer a better strike for both onshore and offshore renminbi.]
