The RMB market has come of age in the past 12 months, both with levels of liquidity and complexity of structures rivalling markets that have been active far longer than the 10 years the Chinese authorities have been internationalising the yuan. According to the global head of rates at one major player in the RMB sector, single-day volumes were such that at some points in the year, "you weren't sure if you were looking at the eurodollar or the CNH market".
HSBC has been in the vanguard of the RMB
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