Detailed chronology of main events in renminbi internationalisation

Hai Xin

1997	Renminbi can be used as cross-border trade settlement currencies between PRC and adjoining countries.
Dec-03	HKMA announce the beginning of renminbi business on a trial basis in Hong Kong. PBOC appoint BOC (HK) as the CNY clearing bank.
Jan-04	Renminbi business is formally begun in Hong Kong.
Feb-04	Hong Kong-and Macao-based banks can offer personal renminbi deposit, remittance, exchange and bank card services to Hong Kong and Macao up to certain limits (eg, CNY20,000 per day for exchange) for local residents.
Apr-04	Banks in Hong Kong start to offer renminbi credit cards for the holders to use in mainland China.
Jun-05	Hong Kong residents can open CNY checking accounts.
Dec-05	BOC (HK) starts treating companies in retail, restaurant, hotel, transportation, communication, medical service and education service sectors as “Designated Business Customers” (DBCs) and allows them to open renminbi deposit accounts. They can convert the renminbi balance on their accounts to Hong Kong dollars (but not vice versa).
Jan-07	Mainland financial institutions are allowed by PBOC and NDRC to issue