Hong Kong became the first offshore yuan trading hub in 2004, followed by London in 2011 According to the latest SWIFT RMB Tracker (February 2014), the top offshore RMB hub remains London (excluding Hong Kong and Mainland China). Singapore is right behind London in weight and rank and is gaining volume. Singapore yuan clearing volume…
Read moreChinese policymakers are facing a challenging dilemma with interest rates and Renminbi liberalization According to a fresh batch of data for December 2013 released by SWIFT, the Renminbi is now in 8th place in transactions volumes tracked by the global payments system. While constituting a meager 1.12% of global transactions, the amount has risen 15%…
Read moreChinese Yuan funds can be moved freely between onshore and offshore entities Another change to the Chinese Yuan forex market is on the way, as Reuters reports that Citi has set up a cross-border facility that enables Shanghai Free Trade Zone based multinationals to move funds freely between their onshore and offshore entities. Up until…
Read moreThe central government wants a piece (or rather, a big chunk) of the reserve currency pie Over the weekend China’s forex regulator State Administration of Foreign Exchange said in a statement that acceleration of the Renminbi convertibility is one of the major goals for authorities. With the Shanghai Free Trade Zone being the test bed…
Read moreHolders of funds in Hong Kong gain easier access to mainland China investments According to a Reuters report on Monday, The Chinese Ministry of Commerce has announced a simplification of rules for foreign firms willing to park their Chinese Yuan holdings in the mainland. That just looks like another part of efforts to incentivize a…
Read moreChinese Yuan trading at the company has registered 300% growth in volumes during the last couple of months According to a recent report by Reuters Abu Dhabi based forex brokerage ADS Securities will obtain a license to operate in the UK in 2014 and plans to offer Chinese Yuan pricing to customers in the region.…
Read moreChina to launch deposit insurance in Q1 as PBOC issues rules for deposit certificates trading Over the weekend Chinese magazine Caixun Century Weekly was cited by Marketwatch to publish information regarding the new steps that Chinese authorities are taking to liberalize deposit rates, which will ultimately lead to Renminbi convertibility. According to unnamed sources in the…
Read moreLondon, Hong Kong, Singapore and Abu Dhabi duke it out for Yuan supremacy With China’s Renminbi currency now solidly enshrined as the world’s #2 trade currency, further reforms to allow the Yuan to float are gaining steam. And, at the same time, the world’s leading financial centers are positioning themselves to become the leading places…
Read moreGlobal transaction services organization SWIFT releases global market share data for CNY at 8.66% in October The internationalization of the Chinese currency is gathering pace as the Renminbi appears to have achieved another milestone in the month of October according to global transaction services organization SWIFT. The market share in global trade denominated in CNY…
Read moreRetail forex brokers making it easier for China clients to deposit and trade Cyprus based retail forex broker ForexTime has announced that it is starting to accept card transactions denominated in CNY through China UnionPay (CUP). This is the only bank card organization which is based in China operating under the supervision of the People's…
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