Banks scramble to offer renminbi products as Hong Kong gains offshore interbank status

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Banks and financial institutions are ramping up efforts to launch new products to tap the growing appeal of investment opportunities in the mainland China market. The trend intensified this week in the renminbi offshore centre of Hong Kong, after China lifted restrictions on Hong Kong's renminbi interbank market.

The People's Bank of China (PBoC) and Bank of China Hong Kong (BOCHK) - the renminbi clearing bank - signed an agreement on July 19 to allow non-bank financial institutions to open renm

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