China fast-tracks Hong Kong as offshore renminbi centre
Beijing has unveiled a raft of new rules aimed at helping make the renminbi an international currency. The faster-than-expected moves look set to transform Hong Kong into a pre-eminent offshore currency market for renminbi, with some parties saying it could mirror London’s evolution into the primary centre for eurodollar trading. Georgina Lee reports
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
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