China fast-tracks Hong Kong as offshore renminbi centre

Lighting the way

Following years of liaison by officials at the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) to allow the special administrative region to become China’s offshore renminbi centre within the country’s capital control, the HKMA’s effort has finally paid off. Beijing has pushed out a slew of policies designed to foster the city into a pre-eminent offshore renminbi centre. During the past two months, participants in the Hong Kong interbank market have completed more than