SINGAPORE- Singapore Exchange (SGX) said on Wednesday that it plans to launch SGX FTSE China A50 Index options and a new set of Asian currency futures in the third quarter of this year.

The new Asian foreign exchange (FX) suite, subject to regulatory approval, will include currency future contracts on Chinese renminbi, Japanese yen and Thai baht.

The new suite comes after the initial launch of six FX futures contracts in last November, which have seen over $1 billion in notional value traded in the four months since it began trading, said the bourse.

The SGX said the trading of FX derivatives on a regulated exchange platform will promote greater transparency, and better serve investment and risk management needs in the Asian time zone.

"The introduction of varying renminbi products will facilitate greater use of renminbi in international trade and investment. This will also contribute towards the development and growth of Singapore as a leading offshore renminbi center," said Magnus Bocker, chief executive officer of the bourse.

The SGX also announced that it will launch options on its SGX FTSE China A50 futures, the only internationally accessible future on China A-shares, aiming at catering to risk management needs of global investors, and in response to supportive industry feedback.

According to the bourse, the SGX China A50 futures has attracted active participation from global investors. It saw more than $2 billion worth of open interest as of end December 2013.

Futures trading has become one of SGX's fastest growing derivatives, hitting a new annual trading volume record of 22 million contracts in 2013.

"The introduction of the SGX China A50 index options is timely as offshore interest in the China A-share market has picked up substantially and hedging needs from institutional investors and asset managers have become more acute and sophisticated," said Michael Syn, head of Derivatives of the SGX.

Shanghai to float oil futures contract in RMB

China yuan weakens to 6.1343 against USD Wednesday

Currency goes global with offshore yuan index

China stocks slump on Monday