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.
People's Bank of China governor Zhou Xiaochuan is personally backing efforts to develop a yuan trading centre in Australia, Treasurer Joe Hockey told the South China Morning Post on Tuesday.Tuesday, 30 June, 2015, 10:01pm
The Chinese yuan weakened against the US dollar for the third straight day on Friday as the greenback continued to rally on fresh data that showed the US economy fared beter than expected in the first quarter.
Onshore yuan lost 0.01 per cent to 6.2097 while the offshore yuan dropped 0.11 per cent, or 66 basis points, to 6.2106 as of 10.57am.26 Jun 2015 - 11:39am
Chinese renminbi trade volumes in London more than doubled last year, according to figures from the City of London Corporation on Friday, in a further sign of deepening financial links between Britain and China.26 Jun 2015 - 9:38am
Yuan short sellers working on the assumption that monetary policy easing is around the corner may need a change of plan as Beijing could once again prove those bearish bets are misplaced.
When money mangers started to leave yuan-denominated assets because of possible depreciation risks, they might have underestimated Beijing’s determination to globalise its currency.26 Jun 2015 - 9:17am 1 comment
The offshore yuan dropped the most in two weeks as China’s central bank injected cash through an open market operation for the first time in two months which helped ease a liquidity crunch on the mainland.
The offshore spot yuan weakened 0.11 per cent, or 69 basis points, to 6.2085 as of 11:56 am, while the onshore spot yuan lost 0.03 per cent, or 16 basis points, to trade at 6.2088.25 Jun 2015 - 12:36pm
The Chinese currency weakened on Wednesday after the nation’s central bank governor said the yuan exchange rate stands at “reasonable level” during the annual strategic dialogue between the US and China in Washington.24 Jun 2015 - 12:19pm 1 comment
The Asian Development Bank urged Beijing to make the yuan more flexible while forecasting China’s economic growth would slow only moderately to 7.2 per cent this year thanks to lower oil prices, improved external demand, and domestic structural reforms.24 Mar 2015 - 3:00pm
China’s long-awaited international payment system to process cross-border yuan transactions is ready, and may be launched as early as September or October, three sources with direct knowledge of the matter told Reuters.9 Mar 2015 - 9:26pm
The tide of capital is going out in China and many boats, in Chinese ports or not, will settle lower in the water in consequence.
The mainland, somewhat unexpectedly, cut monetary policy yet again over the weekend, the third time in recent months it has moved to ease conditions.4 Mar 2015 - 11:07pm
Taiwan has become the hottest place for international issuers to raise renminbi this year, while yuan bond issuances in Hong Kong has slumped as costs hover at a record high.3 Mar 2015 - 2:54pm
The People's Bank of China has been intervening less in the foreign-exchange market since it moved to squash speculators making the so-called one-way bet trade on yuan appreciation early last year.
The currency has been in a "new normal" paradigm since, in which two-way trading and currency volatility have finally become a reality.9 Feb 2015 - 8:56pm
The Chinese yuan beat the Canadian and Australian dollar to rank as the world’s fifth biggest payment currency since November, but its global market share remain small compared with the US dollar.29 Jan 2015 - 8:55am
China faced pressures from capital outflows in recent months at a time of rising cross-border volatilities, a senior official at the State Administration of Foreign Exchange (SAFE) said.22 Jan 2015 - 2:29pm 1 comment
Standard Chartered has sharply revised down its forecast on the Chinese yuan’s value against the US dollar in 2015, on speculation Beijing may be reluctant to allow its currency to continue strengthening amid subdued regional trade.12 Jan 2015 - 4:02pm
China's move to develop financial infrastructure for trading the yuan in South Korea is a key step in facilitating the currency's internationalisation.28 Apr 2015 - 11:15am