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The Offshore Renminbi

But as China moves down this path, this book will be a good guide to understanding its implications." —Charles Dumas, Chairman and Chief Economist of Lombard Street Research "Minikin and Lau have written a timely, comprehensive, and ...

Author : Robert Minikin

Release : 2012-10-26

Publisher : John Wiley & Sons

ISBN : 1118339282

File Size : 40.66 MB

Format : PDF, ePub

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The rise of the renminbi and what it means for forex markets Chinese authorities have ambitious plans to "internationalize"the renminbi, transforming it from a tightly controlled domesticlegal tender into a global currency for international trade, heldby both private and public sector asset managers. The OffshoreRenminbi examines this impending currency revolution, outliningwhy the emergence of China as a major economic power will likelysoon be matched by a transformation of the renminbi's role in theglobal financial system. It explains how new markets for "offshore"renminbi are developing outside mainland China since the country isnot yet ready to fully open up its economy to international capitalflows, and the regulations that govern them. The potential growth for the renminbi market is vast, thanks toChina's role in the global trading community. The early stages ofthe internationalization effort were small-scale, but momentum hasgreatly increased over the past 18 months, making this book morerelevant than ever. These developments offer new opportunities (andchallenges) for corporate treasurers and investors, as China'sprofound economic success and growing prominence in global trademay transform offshore renminbi into a new global reserve currencyand a legitimate competitor to the U.S. dollar. Explores how the "internationalization" of the renminbi islikely to yield a new global currency to rival the U.S. dollar Examines "offshore" renminbi and the host of new financialmarkets they have created, from a spot FX market to Dim Sum bondsin Hong Kong Covers broad themes of interest to general readers andpolicymakers, as well as more detailed issues of practical anddirect importance to corporate treasurers and investors The Chinese government has ambitious plans to make the renminbia global currency. The Offshore Renminbi explains thecomplexities of this strategy and the dramatic implications for theglobal FX markets.

Dim Sum Bonds

As it is all but certain that the Chinese government will continue to use Hong Kong as the chief hub for businesses issuing dim sum bonds (despite recent initiatives to develop hubs in Singapore, Taiwan, and London), this book focuses ...

Author : Hung-Gay Fung

Release : 2014-01-28

Publisher : John Wiley & Sons

ISBN : 111843479X

File Size : 76.35 MB

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A comprehensive guide to understanding and assimilating into dim sum bond markets The expansive growth of the dim sum bond market in the last five years has peaked investor interest and inspired companies to seek out investing opportunities that negate China's capital controls. In a four-pronged approach, Dim Sum Bonds examines the development of the dim sum bond market and its role in China's RMB internationalization policy, characteristics of dim sum bonds and its market, investors' investment objectives and the investment performance of dim sum bonds, motivations of issuers, and underwriters' roles in the dim sum bond market. You will familiarize yourself with every aspect of the dim sum bond market from an issuer, an investor, and an underwriter's perspective. Academics, financial advisors, investment bankers, underwriters, investors, and policy makers should not be without this informative and detailed guide to the offshore market central to China's internationalization of RMB. Written by Hung-Gay Fung, Glenn Chi-Wo Ko, and Jot Yau, all of whom are experts on the dim sum bond market Explains the rapidly expanding dim sum bond market and puts readers ahead of the curve Landmark issues, Chinese banks (China Development Bank), Infrastructure, red-chip companies (Sinotruk), and multinational corporations doing business in China (McDonald’s) are discussed in detail. Covering landmark issues from a variety of Chinese and multinational corporations, Dim Sum Bonds provides must-read manual to understanding the vast opportunities of this up-and-coming market.

The Evolution of Offshore Renminbi Trading

We study the evolution of offshore renminbi trading between 2016 and 2019.

Author : Yin-Wong Cheung

Release : 2020

Publisher :


File Size : 84.43 MB

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We study the evolution of offshore renminbi trading between 2016 and 2019. The diffusion behaviour of offshore renminbi trading during this period is different from the one between 2013 and 2016. The geographical diffusion process displayed in the 2016-2019 period, in addition to the previously reported convergence to the geographical trading pattern of all currencies, is affected by trade intensity, bilateral swap line arrangements, and has a regional bias. Further, it is possibly affected by disputes with China, and is different from the diffusion behaviours of the offshore US dollar, euro, British pound, and Japanese yen trading.

Renminbi Internationalization

These cities are eager to explore the possibility of setting up the infrastructure to
compete for a share of the global offshore RMB business. London, Singapore,
and Taipei,China are considered as serious contenders. Dubai, Frankfurt ...

Author : Barry Eichengreen

Release : 2015-02-11

Publisher : Brookings Institution Press

ISBN : 0815726120

File Size : 44.64 MB

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Meet the next global currency: the Chinese renminbi, or the "redback." Following the global financial crisis of 2008, China's major monetary policy objective is the internationalization of the renminbi, that is, to create an inter-national role for its currency akin to the international role currently played by the U.S. dollar. Renminbi internationalization is a hot topic, for good reason. It is, essentially, a window onto the Chinese government's aspirations and the larger process of economic and financial transformation. Making the renminbi a global currency requires rebalancing the Chinese economy, developing the country's financial markets and opening them to the rest of the world, and moving to a more flexible exchange rate. In other words, the internationalization of the renminbi is a monetary and financial issue with much broader supra-monetary and financial implications. This book offers a new perspective on the larger issues of economic, financial, and institutional change in what will eventually be the world's largest economy.

Offshore Renminbi Trading

Author : Yin-Wong Cheung

Release : 2016

Publisher :


File Size : 53.35 MB

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Investing in Asian Offshore Currency Markets

These mainthemesalso explain whyChinaviewed the OffshoreRenminbiClearing
Bankas“the quasicentralbankasthe strategicallyimportant settlementand payment
system managing offshore renminbi”27and why Hong Kong hasbeenfrequently ...

Author : M. Wong

Release : 2013-07-30

Publisher : Springer

ISBN : 1137034645

File Size : 57.81 MB

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The offshore currency market is a foundation of offshore bond market, helping well-established corporations in global financing. Following the global financial tsunami in 2008 and European debt crisis in 2009-2011, this book aims to document the latest issues, challenges, trends and thoughts relating to offshore currency markets in Asia.

The Renminbi Rises

Letus consider the casewhen offshore RMB isweaker than the onshore rate (i.e.
aUSD buys more RMB offshore thanonshore). Under this condition, the onshore
exporters (who receiveUSD)will have a strong incentive tobuyRMB and sell USD

Author : C. Lo

Release : 2013-07-08

Publisher : Springer

ISBN : 1137346256

File Size : 88.64 MB

Format : PDF

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This book breaks new ground in research on the RMB's offshore market by addressing the myths, hypes and realities surrounding the rise of the Chinese Yuan. It is the first book to address the rise of the Renminbi by focusing on the structural factors behind it and drawing on the global, regional and domestic developments affecting its development.

China’s Domestic Transformation in a Global Context

offshore. RMB. market. Since the announcement of a pilot scheme for RMB trade
settlement in mid-2009, the Chinese ... This has enabled the creation of a pool of
RMB outside the mainland and the development of an offshore RMB market.

Author : Ligang Song

Release : 2015-07-08

Publisher : ANU Press

ISBN : 1925022692

File Size : 80.78 MB

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The phrase ‘New Normal’ captures the ongoing shift in the pattern and drivers of China’s economic growth. China’s new growth rate is both slower and imposing difficult structural change. These new economic conditions are challenging yet offer opportunities for China and its economic partners. Reforms must be deepened but also make growth more inclusive and environmentally sustainable, over this decade and beyond. This year’s Update offers both global context and domestic insight into this challenging new phase of China’s domestic economic transformation. How are policymakers elevating migrant workers concurrent with increasing consumption? Is China’s government spending enough on education and R&D to ensure it can achieve its aspirations to ascend the global manufacturing value chain and avoid the middle-income trap? Are energy market reforms reducing or increasing the price of gas and electricity in China? What are the consequences of China’s financial reforms and expanding Renminbi trading for foreign banks? What does China’s new growth model mean for the international resources economy and for Africa? Do SOEs face market conditions and are they dominating China’s fast-rising outbound investment? What is China’s strategy for navigating fragmented international trade policy negotiations?

Development of the Renminbi Market in Hong Kong SAR: Assessing Onshore-Offshore Market Integration

Mr. R. Sean Craig, Mr. Changchun Hua, Philip Ng, Raymond Yuen. renminbi
internationalization. JEL Classification Numbers:E61,F33,F36, O11, O19
Keywords: capital controls, offshore financial markets Authors' E-Mail Address: ...

Author : Mr. R. Sean Craig

Release : 2013-12-24

Publisher : International Monetary Fund

ISBN : 1484333136

File Size : 27.52 MB

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Offshore use of the renminbi expanded rapidly in Hong Kong SAR as China sought to develop an international role for its currency while maintaining capital controls. This prompts two questions addressed in this paper: How far advanced is renminbi internationalization? And, what role does Chinese capital account liberalization play? The first is addressed by testing the extent of integration of offshore and onshore markets for the renminbi using a Threshold Autoregression (TAR) model and finds that there are substantial unexploited arbitrage opportunities. A VAR model is used to indentify factors contributing to this limited market integration and finds that capital controls and shifts in global market sentiment explain much of the divergence in onshore and offshore renminbi exchange rates. To address the second question, the paper shows how capital account measures have been used to promote offshore use of the renminbi more actively in the wake of the global financial crisis, but that this was done asymmetrically with controls on inflows eased to a greater extent than on outflows. It concludes that a more balanced liberalization process will sustain progress in renminbi internationalization.

Chinese Yuan Renminbi Derivative Products

With the CNY revaluation perspectives, hundreds of billions of USdollars have been invested in various types of CNY-related derivativeproducts.

Author : Peter G. Zhang

Release : 2004

Publisher : World Scientific

ISBN : 9789812565839

File Size : 42.44 MB

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With the CNY revaluation perspectives, hundreds of billions of USdollars have been invested in various types of CNY-related derivativeproducts. As a derivatives specialist with more than ten years''experience in the international financial market and with a workingexperience in China in the past few years, the author offers a volumeon trading and other practical issues of CNY- related derivativeproducts in the offshore marketplace.

Respatialising Finance

This in-depth volume examines how political authorities in both London and Beijing identified the potential value of London’s international financial centre in facilitating and legitimising RMB internationalisation, and how they sought to ...

Author : Sarah Hall

Release : 2020-03-20

Publisher : Wiley-Blackwell

ISBN : 9781119386049

File Size : 50.34 MB

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The Connecting Dots of China's Renminbi Strategy

China's attempts to internationalize the renminbi (RMB) have significant implications for the international monetary system and for economies across the world.

Author : Paola Subacchi

Release : 2012

Publisher :


File Size : 84.26 MB

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China's attempts to internationalize the renminbi (RMB) have significant implications for the international monetary system and for economies across the world. China's RMB strategy is based on two tracks: the use of the RMB in cross-border trade settlement and the creation of an RMB offshore market. A series of policy measures has been introduced since 2009 to facilitate the expansion of the nascent RMB offshore market and to overcome the constraints of the currency's limited convertibility. Development of the offshore market depends on the supply of liquidity provided by Beijing. At present this market is limited in both size and scope, and funds flow from and to the Mainland mainly through the intermediation of Hong Kong. Hong Kong benefits from being the first mover and from being part of China, but with a separate legal and institutional system. For the time being it will continue to be the main conduit to the onshore market. Offshore centres such as Hong Kong and offshore hubs such as London and Singapore are both complementary and essential to China's RMB strategy. They are the connecting dots in the expanding RMB offshore market.

The RMB Exchange Rate

China's current reform and modernization policies to convert its centrally planned economy towards a market-driven one could hardly draw on experiences of other countries.This book provides a succinct and up-to-date account of China's ...

Author : Yin-Wong Cheung

Release : 2016-11-22

Publisher : World Scientific

ISBN : 9814675512

File Size : 71.69 MB

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Over the past two decades, China's robust economic performance has propelled it to the world stage. At the same time, the world has increasingly scrutinized China's economic policies and activities. One of the hotly contested issues is China's foreign exchange rate policy. China's current reform and modernization policies to convert its centrally planned economy towards a market-driven one could hardly draw on experiences of other countries. This book provides a succinct and up-to-date account of China's exchange rate policy including the currency undervaluation debate and the internationalization of its currency. It begins with a brief history of the modern China's foreign exchange rate policy. In particular, it highlights the three Chinese policy characteristics; namely, independence, controllability and practicability, and graduality. This prologue helps to interpret China's policy on its currency, the renminbi (RMB); including its recent initiatives to promote the international use of its currency. The book covers the basic theoretical and empirical issues that are relevant for determining the equilibrium value of the RMB exchange rate and, hence, its degree of misalignment. Then it evaluates the controversy surrounding the RMB valuation debate, and highlights the sensitivity of empirical estimates of the degree of misalignment to alternative presumptions. The book also examines the timely issues related to China's recent efforts in promoting the use of its currency in the global financial market. After describing the background of China's recent efforts to internationalize the RMB, the book a) discusses the main promotional policies, including the recent Qianhai project and Shanghai Free Trade Zone initiative, b) evaluates the current status of the offshore RMB market, the level of international use of the RMB and the admission to the SDR basket, and c) assesses the future prospects of the RMB to be a global currency.

Renminbi Rising

This book is particularly timely with the addition of the RMB into the SDR basket.

Author : William H. Overholt

Release : 2016-02-16

Publisher : John Wiley & Sons

ISBN : 1119218969

File Size : 34.43 MB

Format : PDF, ePub

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Critical analysis of RMB internationalization and the coming global currency shift Renminbi Rising charts the emergence of China's internationalizing currency and provides an in-depth analysis of the global repercussions. Written by a team of renown economics researchers, this book describes the pressures that enabled the emergence of a new global monetary system and why China's Renminbi (RMB) became the default 'second in line' as the U.S. receded from leadership. Policy makers and regulators will appreciate the examination of the motivations behind those driving the shift, and financial professionals will find valuable guidance in the discussion surrounding business opportunities that the RMB brings to the table. Coverage includes the emergence of new Chinese-sponsored financial institutions, the scale of various RMB businesses and the coming transformation of the global financial system. Effective management of international monetary affairs has never been more fundamental to the global economic recovery. The rapid emergence of China's RMB is a transformative event of global significance, and this book provides the context you need to understand the depth and breadth of changes on the horizon. Understand why a new global monetary system is needed Consider the outcomes as China emerges and the U.S. recedes Learn the context and motivations behind principal players' strategies Discover the scale of opportunities presented by the rise of the RMB It is essential for finance professionals and economic policy makers to understand the drivers, progress and likely trajectory of the RMB internationalization and to fully grasp the implications for the global financial system, international business and supporting financial products and services. Renminbi Rising offers detailed analysis of the key opportunities and threats inherent in this major economic shift.

A Guide to Asian High Yield Bonds

The offshore renminbi (CNH) and synthetic RMB sectors have slowed down
recently as the view on the Chinese currency is no longer a onesided bet. How
do you see high yield denominated in yuan developing, going forward? Do you
see ...

Author : Florian H. A. Schmidt

Release : 2013-10-04

Publisher : John Wiley & Sons

ISBN : 1118502051

File Size : 89.15 MB

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An up-to-date, comprehensive analysis of the high-yield bond market in Asia Beginning with a general definition of high-yield bond products and where they reside within the corporate capital structure, this newly updated guide looks at the development of high-yield bonds in the United States and Europe before analysing this sector in Asia. It covers issuer countries and industries, ratings, and size distributions, and also covers the diversification of the high-yield issuer universe. It includes a thorough technical analysis of high-yield bond structures commonly employed in Asian transactions, including discussion of the respective covenants and security packages that vary widely across the region. Chapters and sections new to this edition cover such subjects as high-yield bond restructuring, the new high-yield "Dim Sum" market, and the high-yield placement market shutdown of 2008 – 2009. Finally, the book looks at the new characteristics of Asian economies for indicators on how the high-yield market will develop there are the near future. Offers an extremely detailed analysis of Asia's high-yield bond market Features new and updated material, including new coverage of the key differences between Asian structures and United States structures Ideal for CFOs of companies contemplating high-yield issuance, as well as investment bankers, bank credit analysts, portfolio managers, and institutional investors

Asian Economic Integration Monitor

These currency swaps allow the PRC to receive renminbi instead of the US dollar
for exports to those economies, thereby expanding its use as a trade ... The
growth of the offshore renminbi market in Hong Kong, China has been

Author : Asian Development Bank

Release : 2012-07-01

Publisher : Asian Development Bank

ISBN : 9290927712

File Size : 77.61 MB

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The Asian Economic Integration Monitor is a semiannual review of Asia's regional economic cooperation and integration. It covers 48 regional member countries of the Asian Development Bank. This issue includes a special section---Regional Integration: A Balanced View.

The Internationlization of the Renminbi

Based on the above definition of a freely convertible capital account, in the short
term RMB internationalization does not ... The People's Bank of China suggests
that, to promote offshore RMB market development, China must speed up the ...

Author : International Monetary Institute

Release : 2013-11-07

Publisher : Routledge

ISBN : 1134644442

File Size : 40.58 MB

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The recent financial crisis, rooted in the United States, has changed the world’s economic and financial structures. The Chinese government has made some arrangements in the post-crisis to ensure stable economic growth in volatile international economic environments and to protect its own interests from unfair international monetary treatments. The internationalization of Renminbi (RMB) is one of China's most important national strategies in the 21st century and is symbolic in the rise of China. This book aims to document the process and the development of the internationalization of Renminbi and to identify the challenges. The book introduces an index of internationalization of Renminbi. It also uses a comprehensive multi-variable index to determine the degree of internationalization of Renminbi. This book helps readers to understand the current status of the reformation on China’s currency system, the process of internationalization of the RMB and the current, intricate political and economic relations.

The Oxford Companion to the Economics of China

Hong Kong was the first place outside Mainland China to have renminbi banking,
supported by a clearing arrangement provided by the PBoC. Since 2004, Hong
Kong has progressively developed into a renminbi offshore centre, with the ...

Author : Shenggen Fan

Release : 2014-10-30

Publisher : OUP Oxford

ISBN : 0191030236

File Size : 57.4 MB

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China's rise as an economic powerhouse raises a number of questions that are the subject of lively debate. How did the country do it? How applicable are the lessons of China's economic reform of the past thirty years to the challenges it faces in the next three decades? What does the detailed pattern of China's success and challenges look like at the sub-sectoral and sub-national levels, and what does this mean for future policy? How will China's role as a global economic player evolve? The Oxford Companion to the Economics of China presents an original collection of perspectives on the Chinese economy's past, present, and future: 99 entries written by the leading China analysts of our time. The topics covered include: the China model, future prospects for China , China and the global economy, trade and the Chinese economy, macroeconomics and finance, urbanisation, industry and markets, agriculture and rural development, land, infrastructure, and environment, population and labour, dimensions of wellbeing and inequality, health and education, gender equity, regional divergence in China, and a selection of perspectives on some of China's provinces. The Editors are four global leaders in Chinese economic analysis and policy who between them have held or hold the following positions: Director General, International Food Policy Research Institute; Co-Editor, China Economic Review; President Chinese Economists Society; Assistant Director of Research at the IMF; Principal Adviser to the Chief Economist of the World Bank; and Professors of Economics at Ivy League Universities.

People’s Republic of China—Hong Kong Special Administrative Region: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the People’s Republic of China—Hong Kong Special Administrative Region

Inparticular, they hadbeen closely monitoring cross-border lending. They
considered the current swap/liquidity arrangement with the People's
BankofChina (PBC) assufficientto guard againstliquidity problems in the offshore
renminbi market.

Author : International Monetary Fund. Asia and Pacific Dept

Release : 2014-05-22

Publisher : International Monetary Fund

ISBN : 1498395856

File Size : 32.2 MB

Format : PDF

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This 2014 Article IV Consultation highlights that Hong Kong Special Administrative Region’s (HKSAR) growth recovered to 2.9 percent in 2013 as resilient domestic demand helped offset the continued drag from net exports. As the global recovery takes hold, external demand is forecast to improve and lift growth to about 3¾ percent in 2014, although domestic demand remains solid. Inflation is expected to remain at about 4 percent, given the slow pass-through of housing costs. In line with the improved economic outlook, the 2014/15 budget includes a reduction in one-off measures of about 1.9 percent of GDP.