Offshore yuan trading centre

British welcome of Asian business will hasten global economic recovery

This year's Asian Finance Forum will, I'm sure, continue to be a source of new ideas and inspiration. Twelve months ago, I addressed the forum with a simple message: that Britain is the natural home of Asian investment in the West.

Monday, 14 January, 2013, 3:31am

HKEx revamp comes with LME deal

Charles Li says the LME acquisition will allow the Hong Kong bourse to become a real integrated international exchange. Photo: May Tse

Hong Kong Exchanges and Clearing has unveiled a new management structure following its takeover of London Metal Exchange.

The exchange would also launch more yuan-denominated commodities products as it moved to take advantage of the internationalisation of the currency, chief executive Charles Li Xiaojia said.

8 Jan 2013 - 4:21am

Hong Kong can benefit from changing mainland economy

Hong Kong can benefit from changing mainland economy

The economic relationship between Hong Kong and the mainland has advanced so much - and taken on so many new dimensions - that it's time to take another look at the way we assess the city's future.

7 Jan 2013 - 2:36am 1 comment

HSBC: dim sum debt sales could reach HK$448bn in 2013

Sales of dim sum debt may reach 360 billion yuan (HK$448 billion) next year as China's new leaders encourage use of the yuan in financial centres from London to Taipei, HSBC predicts.

19 Dec 2012 - 2:37am

Offshore trading of yuan rises in Hong Kong

A bank worker counts stacks of yuan, which is increasingly being traded outside the mainland amid easing rules on the currency. Photo: AFP

Yuan trade between non-mainland entities has risen to 18 per cent of the total yuan deals settled in Hong Kong, as Beijing seeks a greater role for the currency in global trade.

15 Dec 2012 - 4:38am

Britain needs to seal yuan-swap agreement, former PBOC adviser says

The Bank of England needs to push for more yuan trading. Photo: Reuters

Britain needs to build closer ties with China's central bank to unleash London's potential market in offshore yuan trading, a former adviser to the People's Bank of China says.

7 Dec 2012 - 3:23am

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

Hong Kong'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 is currency speculation. People are only interested in the yuan because they think it's going to appreciate.

He's wrong. Speculation isn't the only thing behind the growth of yuan trading in Hong Kong. There's also tax fraud.

6 Dec 2012 - 3:16am 1 comment

Offshore yuan market is mainly for speculation

Move aside, US dollar. The yuan is on the march.

And Beijing pushes ahead with yuan triumphalist campaign. It seems every second day that we read of yet another country eager to open an offshore yuan trading centre. Move aside, US dollar. The yuan is on the march.

4 Dec 2012 - 4:23am

London pushes ahead with yuan ambitions

A slower yuan appreciation is healthy because now it is better priced by the market, says Mark Boleat of the City of London.

A slower yuan appreciation might dampen investors' interest in the currency but would not affect London's ambitious plans to develop itself as a leading offshore yuan centre.

3 Dec 2012 - 4:26am

Bank of China to expand yuan business in UK

Wang Huabin, Bank of China (UK)

Bank of China plans to expand its yuan business in London as the city embarks on an ambitious plan to establish itself as the West's major centre for trade of offshore yuan.

26 Nov 2012 - 12:55am

More exports can be in yuan, says economist

Starting from almost zero in 2009, the proportion of mainland external trades transacted in yuan grew to around 10 per cent last year.

The mainland has plenty of room to grow the proportion of its external trade settled in yuan rather than foreign currencies, which will bring more opportunities for Hong Kong's trade financiers despite growing competition from other offshore yuan trading centres, according to an economist.

13 Nov 2012 - 3:53am