Renminbi internationalisation poses potentially fatal risks

Restraining the risks

Hong Kong: new mecca for offshore renminbi trading

Freedom from many of the political and economic controls of mainland China has enabled Hong Kong to emerge as the preeminent offshore renminbi trading centre. The Chinese currency can be freely traded, converted and delivered there, while China’s trading partners are free to settle their payables and receivables in renminbi and hold the currency in its banks. Meanwhile, renminbi financial products are freely traded and new ones developed.

But as the growth of the CNH (the unofficial term for

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