HKMA focuses on offshore renminbi: Norman Chan interview

Proximity and tradeflows have seen Hong Kong emerge as the default centre for offshore renminbi trading. Norman Chan, chief executive of the Hong Kong Monetary Authority, explains how his organisation aims to facilitate the market’s further development

Norman Chan, HKMA

Asia Risk: How has Hong Kong emerged as the dominant jurisdiction for offshore renminbi, with deposits and bond issues swelling?

Norman Chan: Hong Kong’s renminbi business started in 2004, initially with banks offering services to personal customers such as renminbi deposit-taking, currency exchange, remittance and credit cards. Since then, the scope of renminbi business has expanded progressively. After the first renminbi bond was issued in 2007, the offshore renminbi bond (or the so-called ‘dim

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