Hong Kong's Rmb RTGS system supports its role as global Rmb clearing and settlement platform
Hong Kong handles 84.6% of offshore Rmb trade settlements, with demand for offshore Rmb financing and investments on the rise. May 10, 2013 | Wendy WengHong Kong, the leading offshore renminbi (Rmb) business centre, may not be much affected by the recent developments in offshore Rmb business in London, Singapore and Taiwan due to the continued maturity of its offshore Rmb business and the support of the Chinese government. Cross-border Rmb trade settlement handled in Hong Kong has seen tremendous growth with the expansion of the Rmb cross-border trade settlement pilot scheme launched in June 2009, which strengthened the role of Hong Kong serving both local and overseas banks and companies. As at February 2013, 84.6% of offshore Rmb trade settlement is handled in Hong Kong. Figure 1. Offshore Rmb trade settlement (2010–Feb 2013) Please click to view enlarged image
Figure 2. Offshore Rmb deposits in HK (2004–Feb 2013) Please click to view enlarged image
Offshore Rmb deposits in Hong Kong have seen considerable growth since 2009, driven mainly by increasing offshore Rmb trade settlement. With customer deposits of Rmb 603 billion ($97.18 billion) and outstanding Rmb certificates of de... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Asian Banker 500, Cash, Treasury & Trade, China, Databook, Hong Kong, Rmb, Transaction BankingAsian Banker 500,cash,China,Databook,HK,Rmb,Transaction Banking, Asian Banker 500,Cash, Treasury & Trade,China,Databook,Hong Kong,Rmb,Transaction Banking, Keywords:HKMA, RTGS, Dim Sum Bonds HKMA, RTGS, Dim Sum Bonds
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