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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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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