China banks push to use RMB collateral in derivative deals
Collateral use to become latest stage in RMB internationalisation process with China banks putting pressure on global firms to revise their approach to the yuan
A number of landmark changes over the past 18 months have accelerated RMB internationalisation and signs are now emerging that China wants to rely less on the US dollar in offshore derivatives contracts, an area historically dominated by the world's reserve currency.
Earlier this year the People's Bank of China widened the trading band of the renminbi from 1% to 2% – a move that puts China further
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