Chinese banks push non-resident accounts in reaction to HK remninbi challenge
Move by financial institutions on the mainland may blunt efforts by Hong Kong banks to establish the special administrative region as a pre-eminent centre for offshore renminbi trading
Hong Kong banks wanting to attract renminbi liquidity from Asian corporates trading with mainland Chinese partners are facing competition from commercial banks in Shanghai, which are offering corporates renminbi ‘non-resident accounts' that pay the same deposit rates as if the corporates were China onshore entities.
The People's Bank of China (PBoC) unveiled the policy in December last year as part of the country's effort to internationalise the renminbi. Non-resident accounts have attracted
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