HKMA focuses on offshore renminbi: Norman Chan interview

norman-chan
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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