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  1. HK on target for yuan offshore trade

    Posted Jan 15th 2011, 12:00am by Lulu Chen

    ... Lulu Chen The yuan will become one of the top three currencies used in global trade within five years, accelerating Hong Kong's development as an offshore yuan centre, HSBC economists ... development as an offshore yuan market. Under the new policy, mainland enterprises could conduct investments through Hong Kong's offshore yuan centre, and, at the same time, make use ...

  2. Citic Bank's offshore arm bets on yuan

    Posted Apr 11th 2011, 12:00am

    ... Lulu Chen Citic Bank International (CBI), an offshore commercial banking arm of China Citic Bank, said the yuan cross-border transactions settled by the bank reached HK$34.8 billion in the period January to mid-March. The amount was equivalent to almost 60 per cent of CBI's total yuan trade settlements last year. Hong Kong contributed the largest share of the growth and CBI ...

  3. Offshore yuan under pressure

    Posted Jun 10th 2011, 12:00am

    ... that the mainland currency would continue to strengthen. But yesterday the offshore yuan spot rate traded at a discount to the onshore rate after many speculators unwound their positions- even though ... traded in May, when an one-year NDF had a 3 per cent implied appreciation. The offshore yuan's value is highly correlated to NDFs, according to Dariusz Kowalczyk, senior strategist for Asia, ...

  4. Beijing eases rules on using offshore yuan

    Posted Oct 15th 2011, 12:00am

    ... Enoch Yiu enoch.yiu@scmp.com Beijing has issued guidelines allowing foreign companies to use yuan held offshore instead of US dollars to finance their mainland projects as it steps up ... yuan trading centre. Hong Kong's yuan investors have profited from the appreciation of the currency, which has gained more than 20 per cent against the US dollar since 2004. But companies ...

  5. Investors cool on offshore yuan bonds

    Posted Jan 31st 2011, 12:00am by Amanda Lee

    ... Amanda Lee The offshore yuan bond market looks to have become a victim of its own success as the stampede by investors to get exposure to potential yuan currency gains pushes yields ... It has so far offered no comment on media reports that it had pulled the issue, which dealers said would be the first case of an issue being withdrawn since the offshore yuan bond market began ...

  6. Confusion over start to offshore yuan scheme

    Posted Aug 03rd 2011, 12:00am

    ... of China (PBOC) had stopped approving offshore yuan borrowing by domestic companies in compliance with Beijing's monetary tightening measures. But PBOC and the Hong Kong Monetary Authority ... director of a monetary policy department at the PBOC, who told a finance forum in Shanghai in May that the central bank would review applications for offshore yuan borrowing 'case ...

  7. HK faces stiffer race as yuan trade centre

    Posted Jan 13th 2011, 12:00am by Enoch Yiu

    ... Enoch Yiu Hong Kong is facing more competition from rival cities in the race to become an offshore yuan trading centre as lenders in New York, London and Singapore begin offering services ... through the trade settlement scheme. Our position as offshore yuan centre is not being affected.' Carmen Ling, head of Hong Kong global transaction services at Citi, said the bank offered ...

  8. Singapore seeks role as yuan trading centre

    Posted Apr 18th 2011, 12:00am

    ... agreement, according to a person familiar with the situation. Singapore is the latest of the cities that are lining up to compete with Hong Kong to become acknowledged offshore yuan trading centres ... Hong Kong operates a yuan settlement platform outside China. As such, lenders in Australia, the United States, or London, must eventually turn to Hong Kong to settle the offshore yuan trades ...

  9. Yuan is for trade, HK banks warned

    Posted Jun 22nd 2011, 12:00am

    ... Lulu Chen lulu.chen@scmp.com The People's Bank of China issued a notice on yuan settlements which analysts say is intended to remind the market to use these settlements for trade only ... that the central bank would be mainly in charge of overseeing the yuan trade settlement business, with the State Administration of Foreign Exchange taking a back seat. Analysts expect the regulation ...

  10. Decline in HK-traded yuan indicates road of appreciation no longer one way

    Posted Oct 03rd 2011, 12:00am

    ... against global currencies. That laid the groundwork for the surprising decline in the yuan traded in Hong Kong (CNH) recently. It triggered chaos in global foreign exchange and local currency ... on the yuan's appreciation and largely ignored the underlying credits. In a couple of days, almost a year's profits in yuan-denominated bonds were wiped out. The HSBC Offshore Renminbi Bond Index ...




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