The key man behind Shanghai's ambitious plan to develop the city into the world's leading financial centre by 2020 has been promoted to an elite economic team that may help the city speed up its market reforms as it prepares to take on Hong Kong.Tuesday, 18 June, 2013, 8:05am 1 comment
Hong Kong may extend its collaboration on offshore yuan business to financial centres other than London, the head of the monetary authority said yesterday.
The city, the first and largest offshore yuan centre in the world, agreed to jointly develop offshore business in the currency with London in January last year.13 Jun 2013 - 5:03am 1 comment
Beijing has reopened the door for offshore holders of yuan to invest in the mainland's stocks and bonds, by granting more quota under the renminbi qualified foreign institutional investor (RQFII) scheme.10 May 2013 - 5:09am
The cost of funding the so-called dim sum bonds has risen as the swap rates between the yuan and the US dollar are at record lows, tempering the pace of investment-grade corporate bond issues by foreign issuers, industry experts said at a forum yesterday.9 May 2013 - 5:15am
While giving his birthday wishes to Hang Seng Bank for its 80th anniversary, Financial Secretary John Tsang Chun-wah last night urged the lender to further develop yuan business.4 May 2013 - 4:53am
Few would remember why Hong Kong became the first city involved in the yuan business in early 2004. It came about after an agreement signed between the central banks of Hong Kong and the mainland in November 2003. Back then, Beijing had not yet decided to let the yuan become an international currency. That only occurred in 2009.30 Apr 2013 - 4:28am 1 comment
The recent strengthening of the yuan against the US dollar might mean we have to shell out more for "Made in China" labels, but it is good news for local banks and depositors with yuan on hand.
The currency reached its highest level against the US dollar in 19 years on Thursday, on the back of rising usage worldwide.29 Apr 2013 - 4:11am
French Minister of the Economy and Finance Pierre Moscovici spoke to the South China Morning Post on Friday during a visit to Hong Kong after he joined a delegation led by President Francois Hollande to Beijing. Moscovici said France would be the most suitable location for an offshore yuan trading centre in Europe because many big international companies were based there.29 Apr 2013 - 4:16am
HKMA chief Norman Chan Tak-lam said the move would "deepen and enhance" Hong Kong's role as a clearing and trading centre for the yuan. While the currency is not fully convertible, Beijing has relaxed rules since 2009 to encourage international businesses and investors to settle trade and investment deals in yuan.26 Apr 2013 - 4:19am
After four years of heady expansion, the offshore renminbi markets have moderated their rates of growth, but their underlying prospects are stronger than ever.23 Apr 2013 - 3:51am