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Opportunities in the latest RMB developments

Executive Summary

Due to the further liberalisation of capital market and promotion of RMB internationalisation, both onshore CNY and offshore CNH markets have enjoyed a rapid growth. Since 2009, a variety of essential financial schemes have been introduced to encourage the use of RMB, which is now the 5th most widely used currency for international payments and the 2nd in terms of global trade finance. As world’s largest RMB offshore centre, Hong Kong plays a dominant role in the progression of RMB internationalisation. In general, we expect that RMB will continue to gain momentum in three aspects: as payments of commodity trade, as an investment and de facto reserve currency, and as a tool for Chinese capital going offshore. This article outlines three game changers in the latest RMB development, with a focus on the opportunities for corporates to capitalize on China’s growing economic clout.

Latest RMB development onshore and offshore

RMB in commodity trade

RMB as an investment currency and a de facto reserve currency

RMB as a tool for Chinese capital going offshore

Opportunities for corporates

  • BNP Paribas