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  • August 27, 2014
  • Last updated: 8:59pm
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  1. Business - Comment - MONITOR

    Hong Kong's offshore yuan market is driven largely by tax dodgers

    Posted Dec 06th 2012, 12:00am by Tom Holland

    ... Tom Holland Speculation not the only thing behind the mainland currency's growth, as data points to soaring cross-border trade being settled in yuan HK's offshore yuan market is driven largely by tax dodgers Writing in these pages on Tuesday, my colleague Jake van der Kamp argued that the only thing driving the development of Hong Kong's offshore yuan market ...

  2. Business - Comment - MONITOR

    The US$50b a year reason China's elite love tax havens

    Posted Jan 23rd 2014, 01:13am by Tom Holland

    ... that close relatives of many of China's senior leaders own companies registered in offshore tax havens including the British Virgin Islands. In terms of revelatory shock, this story has as much ... was unclear about exactly why China's princelings would want to set up offshore companies. The explanation is not so much that they want to siphon money out of China, rather that they want ...

  3. Business - Comment - MONITOR

    George Osborne is wrong about China and the yuan

    Posted Feb 21st 2014, 12:24am by Tom Holland

    ... and interest rate arbitrages. The yuan has been strengthening, so people and companies offshore have been happy to hold it. Similarly, in an era of low interest rates, yields on the yuan are relatively ... to settle more of China's trade- exports as well as imports- in yuan must drain yuan liquidity from the offshore market. To promote the yuan as a "currency of choice", as Osborne puts ...

  4. Business - Comment - MONITOR

    Fears over a 'tail risk' hard landing in China are growing

    Posted Feb 20th 2014, 01:10am by Tom Holland

    ... Kong's offshore market. A hard landing, believe Morgan Stanley's analysts, could see the Chinese currency fall by 16 per cent against the US dollar in the offshore market, in which case ...

  5. Business - Economy - MONITOR

    The yuan is falling, but only because Beijing wants it to

    Posted Mar 03rd 2014, 02:59am by Tom Holland

    ... at the end of last year the entire stock of yuan-denominated deposits in Hong Kong's offshore market only came to 860 billion yuan. Handling such big flows causes problems for the PBOC. It can ...

  6. Business - Comment - MONITOR

    Whiff of wishful thinking about stories of onshoring

    Posted Apr 05th 2013, 12:00am by Tom Holland

    ... Tom Holland There are few detectable signs from the numbers of the long-predicted migration of manufacturing jobs back to America from China Whiff of wishful thinking about stories of onshoring Dog breath is a big problem for pet owners. The canine habit ...

  7. Business - Comment - MONITOR

    China may have problems, but this scare story isn't one of them

    Posted Feb 04th 2014, 05:57am by Tom Holland

    ... a currency crisis. To see why, just compare China's situation today with that of Indonesia in 1997. Reassured by the rupiah's crawling peg to the US dollar and enticed by low offshore ...

  8. Business - Comment - MONITOR

    Global enthusiasm for yuan overstated

    Posted Dec 13th 2013, 04:30am by Tom Holland

    ... make up more than 70 per cent of all offshore yuan accounts. The amount sounds huge, although it is just 11 per cent of the city's deposit base. What's more, 90 per cent is held ...

  9. Business - Comment - MONITOR

    Reform pledges likely to hurt both stock prices and yuan

    Posted Nov 27th 2013, 03:32am by Tom Holland

    ... the onshore and offshore markets. Certainly in the run-up to Beijing's policy meeting, the mainland saw hefty capital inflows in anticipation of reform, with an estimated hot money influx of around US$40 billion in October alone; up from a net flow of zero the month before. Meanwhile in Hong Kong's offshore market the volume of yuan deposits shot up by 20 billion yuan in October ...

  10. Business - Comment - MONITOR

    It pays China to block global deals on climate and trade

    Posted Dec 17th 2013, 03:19am by Tom Holland

    ... prices for industry, helping to push manufacturing offshore. Much of the business has switched to China, where coal-fired energy is cheap. According to one study by Oxford University, if you were ...




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