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Hongkong Should Cherish The Advantage Of RMB Offshore Market, And This Cake Is Growing.
< p > here, the world's < a href= "http://www.91se91.com/" target= "_blank" > clothing < /a > a href= "http://www.91se91.com/" target= "http://www.91se91.com/" > shoes, < hat > net, to introduce the central bank's appeal to Hongkong to cherish the advantages of RMB Offshore Market: eat or eat your own size. < /p >
Guo Jianwei, deputy director of the monetary policy division of the central bank, said that Hongkong should cherish the current advantages in cross-border RMB business. At present, Hongkong has 53% of the global offshore RMB market share. The cake is growing and Hongkong will not eat itself. "P," the deputy director of the central bank's Monetary Policy Department said yesterday. < /p >
< p > > a href= "http://www.91se91.com/news/index_c.asp" > Central Bank < /a > indicates that the next step will be to actively adjust Hongkong's RMB 20 thousand yuan exchange ceiling with the Hongkong regulatory authority. But the central bank has not set a timetable, saying the key is to study the timing of adjustment. Zhu Jun, deputy director of the central bank's international division, said that the renminbi and Hong Kong dollar are not the same, and the renminbi is conducive to the development of China and Hongkong. It is Hongkong's choice whether to change the joint exchange system. < /p >
On the same day, Wang Baoan, Vice Minister of finance, said that the offshore RMB market is an open and competitive market. It is not unique to Hongkong. Hongkong should consolidate and develop its offshore center status. The key to the development of the renminbi is to rely on its own development and not rely solely on the central government. < /p >
< p > in May this year, Chen Delin, President of the Hongkong monetary authority, told the Hongkong Legislative Council that the "Shanghai and Hong Kong Tong" will enhance the circulation of RMB. At present, Hongkong residents still have a daily exchange limit of twenty thousand yuan, which may not be enough to support investors to buy and sell shares. Now the relaxation of the ceiling is ripe. < /p >
< p > in the first five months of this year, the amount of cross-border RMB real receipts and payments in the mainland and Hongkong totaled 2 trillion and 70 billion yuan, up 59% from the same period last year, accounting for 53% of the total cross border receipts and payments in the same period. Hongkong is still the most important offshore RMB center, but as the Chinese government speeds up the internationalization of RMB, the RMB business in Europe and the United States has developed rapidly and has become a potential strong competitor in Hongkong. < /p >
Since the beginning of this year, the Central Bank of China has signed RMB related agreements with several countries to accelerate the layout of International Offshore RMB spanactions. There are already four offshore RMB trading centers in Europe, namely Frankfurt, London, Luxemburg and Paris. According to the volume, London has become the world's second only RMB offshore market next to Hongkong. < /p >
At the end of last month, the Central Bank of China signed a memorandum of understanding with the Central Bank of France and Luxemburg to establish a RMB clearing arrangement. It authorized the Bank of China (601988, Ba Ba) Frankfurt branch to act as the clearing bank of Frankfurt RMB business, and authorized the China Construction Bank (601939, stock bar) (London) Limited as the clearing bank of the RMB business in London. < /p >
Last April, the weight of RMB trading in the Greater China region surged by 229%, and the scale of spanactions in other parts of the world soared by 327%, P Swift said last month. As of April, the top four countries with the highest value in renminbi spanactions were China, the United Kingdom, the United States and China, with the exception of mainland China and Hongkong. < /p >
Debra Lodge, Citibank's managing director, has commented that the massive use of renminbi spanactions by US companies is also related to the weakening of the renminbi this year. P By the beginning of June, the yuan had depreciated more than 3% against the US dollar this year. The use of RMB financial instruments by US companies can not only hedge against exchange rate risks, but also arbitrage. < /p >
< p > Lodge predicts that the trend of the surge in the scale of RMB spanactions will be structural and long-term. "By the end of 2015, 30% of China's foreign trade will be settled in RMB, and only 13-15% now." < /p >
< p > the Deutsche Bank report is expected that with the increasingly close economic and commercial cooperation between China and Europe, Europe will usher in the large-scale development of offshore RMB business, and Europe will become the second largest offshore RMB market. However, Hongkong will remain the largest a href= "http://www.91se91.com/news/index_s.asp" offshore renminbi market /a, which is mainly benefited from the local Renminbi payment system and the banking network that participates in Renminbi business. < /p >
Guo Jianwei, deputy director of the monetary policy division of the central bank, said that Hongkong should cherish the current advantages in cross-border RMB business. At present, Hongkong has 53% of the global offshore RMB market share. The cake is growing and Hongkong will not eat itself. "P," the deputy director of the central bank's Monetary Policy Department said yesterday. < /p >
< p > > a href= "http://www.91se91.com/news/index_c.asp" > Central Bank < /a > indicates that the next step will be to actively adjust Hongkong's RMB 20 thousand yuan exchange ceiling with the Hongkong regulatory authority. But the central bank has not set a timetable, saying the key is to study the timing of adjustment. Zhu Jun, deputy director of the central bank's international division, said that the renminbi and Hong Kong dollar are not the same, and the renminbi is conducive to the development of China and Hongkong. It is Hongkong's choice whether to change the joint exchange system. < /p >
On the same day, Wang Baoan, Vice Minister of finance, said that the offshore RMB market is an open and competitive market. It is not unique to Hongkong. Hongkong should consolidate and develop its offshore center status. The key to the development of the renminbi is to rely on its own development and not rely solely on the central government. < /p >
< p > in May this year, Chen Delin, President of the Hongkong monetary authority, told the Hongkong Legislative Council that the "Shanghai and Hong Kong Tong" will enhance the circulation of RMB. At present, Hongkong residents still have a daily exchange limit of twenty thousand yuan, which may not be enough to support investors to buy and sell shares. Now the relaxation of the ceiling is ripe. < /p >
< p > in the first five months of this year, the amount of cross-border RMB real receipts and payments in the mainland and Hongkong totaled 2 trillion and 70 billion yuan, up 59% from the same period last year, accounting for 53% of the total cross border receipts and payments in the same period. Hongkong is still the most important offshore RMB center, but as the Chinese government speeds up the internationalization of RMB, the RMB business in Europe and the United States has developed rapidly and has become a potential strong competitor in Hongkong. < /p >
Since the beginning of this year, the Central Bank of China has signed RMB related agreements with several countries to accelerate the layout of International Offshore RMB spanactions. There are already four offshore RMB trading centers in Europe, namely Frankfurt, London, Luxemburg and Paris. According to the volume, London has become the world's second only RMB offshore market next to Hongkong. < /p >
At the end of last month, the Central Bank of China signed a memorandum of understanding with the Central Bank of France and Luxemburg to establish a RMB clearing arrangement. It authorized the Bank of China (601988, Ba Ba) Frankfurt branch to act as the clearing bank of Frankfurt RMB business, and authorized the China Construction Bank (601939, stock bar) (London) Limited as the clearing bank of the RMB business in London. < /p >
Last April, the weight of RMB trading in the Greater China region surged by 229%, and the scale of spanactions in other parts of the world soared by 327%, P Swift said last month. As of April, the top four countries with the highest value in renminbi spanactions were China, the United Kingdom, the United States and China, with the exception of mainland China and Hongkong. < /p >
Debra Lodge, Citibank's managing director, has commented that the massive use of renminbi spanactions by US companies is also related to the weakening of the renminbi this year. P By the beginning of June, the yuan had depreciated more than 3% against the US dollar this year. The use of RMB financial instruments by US companies can not only hedge against exchange rate risks, but also arbitrage. < /p >
< p > Lodge predicts that the trend of the surge in the scale of RMB spanactions will be structural and long-term. "By the end of 2015, 30% of China's foreign trade will be settled in RMB, and only 13-15% now." < /p >
< p > the Deutsche Bank report is expected that with the increasingly close economic and commercial cooperation between China and Europe, Europe will usher in the large-scale development of offshore RMB business, and Europe will become the second largest offshore RMB market. However, Hongkong will remain the largest a href= "http://www.91se91.com/news/index_s.asp" offshore renminbi market /a, which is mainly benefited from the local Renminbi payment system and the banking network that participates in Renminbi business. < /p >
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