The Chinese yuan, also known as the renminbi, is already convertible under the current account - the broadest measure of trade in goods and services. However, the capital account, which covers portfolio investment and borrowing, is still closely managed by Beijing because of worries about abrupt capital flows.
The Ministry of Finance said it plans to issue 23 billion yuan (HK$28.9 billion) of offshore yuan bonds in Hong Kong in two batches this year. The total issue size remains the same as last year but the amount available for the public has been slashed to 3 billion yuan from 5.5 billion yuan last year.Monday, 10 June, 2013, 5:03am
The mainland's struggling exporters will look in vain to currency regulators to help them survive a prolonged downturn in demand from their major foreign markets.10 Jun 2013 - 4:52am
Chinese companies looking for a yuan-denominated listing in Hong Kong are getting mixed messages. On one hand, Hong Kong officials are keen on developing the nascent yuan business. On the flip side, however, the city's pool of investible yuan is insufficient to generate a meaningful institutional investor base.10 Jun 2013 - 4:03am
The yuan has continued its strong run, rising to the highest-ever level against the US dollar on Friday, ahead of talks between President Xi Jinping and President Barack Obama.10 Jun 2013 - 6:00pm
The yuan could breach another key psychological level this year to trade at 6 to the US dollar as the mainland authorities seem inclined to ease the reins on the currency further.
Spot yuan closed yesterday at 6.1287 per dollar in Shanghai. It has been hitting 19-year highs frequently in the past few months and has strengthened about 1.7 per cent against the dollar since April.6 Jun 2013 - 3:41pm
The mainland's currency, the yuan, headed for its third monthly gain yesterday as the central bank set a record fixing for the currency, fuelling optimism officials will accelerate exchange-rate mechanism changes.1 Jun 2013 - 4:19am
The renminbi has experienced increasing volatility in recent weeks in light of new regulations and strong inflows that have seen the currency touch record highs versus the US dollar. This highlights the interesting challenge faced by Chinese policymakers – how to cool flows of “hot money” while at the same time pushing forward with much-needed reforms.30 May 2013 - 3:00am 1 comment
HSBC Holdings and Standard Chartered sold 1.5 billion yuan (HK$1.9 billion) worth of notes in Singapore yesterday in the first dim sum bond issuances since yuan-clearing became available in the city state.28 May 2013 - 3:05am
A Chinese central bank adviser sees the Renminbi superseding the US dollar as the global currency and predicts full liberalization of China’s capital account between 2015 and 2020, the China Securities Journal reported on Monday.27 May 2013 - 10:44pm 1 comment
ICBC's Singapore branch said it would start yuan clearing bank services for participating banks. That might divert some yuan flows from Hong Kong because another yuan clearing bank in addition to Bank of China (Hong Kong) can now provide the service, said Woody Chan, Citic Bank International's executive vice president and treasurer.25 May 2013 - 2:53am