S&P launches India, China currency indices

LONDON (Reuters) - Standard & Poor's said on Wednesday it has launched two real-time indices to track Chinese and Indian non-deliverable forward currency contracts.

The ratings agency said its Chinese Renminbi Index and Indian Rupee Index would provide investors with exposure to the two emerging economic giants that lack a liquid currency futures market.

The indices will replicate the performance of the Chinese and Indian currencies against the U.S. dollar, representing the performance of a rolling investment in three-month, non-deliverable, forward currency contracts.

S&P said the two indices are the first in a series of real-time currency indices it plans to launch this year.