One month in and it’s a case of so far so good for the China International Payment System (CIPS), even allowing for limitations in operating hours.
October 2015
Offshore renminbi has passed another milestone, becoming the first non- CLS settled currency to be tradeable on ParFX – but China’s regime of exchange-rate controls still casts a long shadow over the market’s infrastructure.
[Brics take the road less travelled][1]
September 2015
Emerging markets are working for a multipolar monetary world. Beijing is spearheading the push to establish rivals to the World Bank to globalize the renminbi, establish markets for its excess capacity and plug the infrastructure deficit. But, for now, a post-Bretton Woods era is fantasy.
[Asia’s corporates mature and refine treasury][2]
September 2015
“The relevance of RMB has grown over the past four years from the trade settlement perspective. It will start to eat into the market share of other currencies.”
[Markets mull RMB devaluation and Fed policy link][3]
August 2015
China’s shock RMB devaluation is unlikely to influence the Federal Reserve’s decision to hike, or otherwise, in September, but it could shape the path of subsequent increases, say analysts.
[China: Stock meltdown prompts market intervention][4]
August 2015
Foreign investors pull Rmb40.5 billion in two weeks; average P/E ratio
still 66 times.
[Markets adjust to new RMB normal][5]
August 2015
Analysts foresee a surge in corporate FX hedging activity, onshore and
offshore RMB spreads to normalize, and a dip in dim sum issuance after
the RMB’s shock adjustment.
[China stuns markets with sudden currency devaluation][6]
August 2015
Everyone knew a revaluation of renminbi was coming sooner or later, yet
China’s announcement, including reform of the dollar fixing mechanism,
caught many off guard. The move left observers debating whether it was
stimulating its economy or acquiescing to calls for exchange-rate
liberalization.
[Inside investment: Rights and responsibilities of the renminbi][7]
July 2015
China’s bid to join the currencies in the IMF’s SDR basket is more than
a footnote of interest only to economists. Policymakers should take
note.
[Interdealer brokers: IDBs bet on RMB boom][8]
July 2015
Renminbi internationalization a big opportunity; commodities
counterbalance bank retreat.
[Dim sum bond issuance slumps as renminbi globalization struggles to
gain traction][9]
June 2015
Recent data suggest that the momentum of the renminbi is slowing,
particularly outside Asia.
![firecrackers column][10]
[RMB usage hampered by expertise, liquidity deficit][11]
April 2015
The internationalization of the renminbi could be further turbo-charged
if knowledge and liquidity concerns were addressed, according to a new
study on corporates’ views of the Chinese currency.
[RMB depreciation expectations shift trading strategies][12]
March 2015
As China gradually loosens its grip on its FX regime, an ostensibly
overvalued RMB is expected to fall back in line with global currencies,
presenting a range of opportunities for traders, ranging from USD/CNH
spot positions and the options market, to punts on the CNY-CNH
differential.
[Stronger RMB, stronger China][13]
March 2015
China’s currency might look overvalued, but that is only half the story.
[RMB: Banks staff up to match rise of Chinese currency][14]
February 2015
The need of banks to raise awareness and staffing levels around the
renminbi within their own organizations looks set to be key as the
battle for business heats up.
[Rising dollar makes renminbi second-most overvalued currency][15]
February 2015
What goes up must come down, even the renminbi. Having appreciated by
more than 30% since 2008 against a trade-weighted basket, there is
growing consensus that 2015 will see further falls in the Chinese
currency.
[Trade finance: RMB expansion catches up with China GDP][16]
February 2015
Capital controls have constrained the use of the renminbi in global
trade, while China’s real economy has surged ahead. Despite the strict
rules around its use, market players are punting on strong RMB growth in
2015, Euromoney’s Trade Finance survey reveals.
[Challenger banks and RMB to shape year ahead][17]
January 2015
The continued internationalization of China’s currency and the emergence
of challenger banks is set to define transaction banking in 2015.
[Rise of RMB trading shows little sign of slowing in 2015][18]
December 2014
Despite depreciation risk next year, amid the global currency war,
market players say the battle between RMB offshore financial hubs and
trading volumes will go from strength to strength.
[Hong Kong-Shanghai Stock Connect enables CNH funding arbitrage][19]
December 2014
The Hong Kong-Shanghai Stock Connect, which was launched amid much
fanfare on November 17, has triggered a jump in CNH-funded arbitrage
opportunities. However, rising Stock Connect volumes and easing by the
People’s Bank of China – triggering a convergence between onshore and
offshore rates – will remove current funding advantages.
[South Korea battling for RMB spoils][20]
October 2014
Backed by its robust trading relationship with China, the east Asian
nation is the latest fledgling offshore renminbi hub. Market
participants shed light on South Korea’s renminbi bid as
internationalization of the Chinese currency gathers pace.
[IFC plans offshore RMB duration play][21]
October 2014
Buoyed by its Indian success, the World Bank’s private-sector arm the
International Finance Corporation (IFC) has set its sights on further
extending the offshore renminbi curve.
[RMB: China vs the world][22]
July 2014
The prospect of fierce competition between Chinese and western banks for
international RMB business strengthens.
[Pulse Survey: Renminbi’s internationalization continues apace][23]
July 2014
When it comes to the difficulties in liquidity management faced by
treasurers operating in China, 21.3% say renminbi cash-pooling is top of
the list of issues.
Percentage of cross-border trade settled in RMB
![Percentage of cross-border trade settled in RMB][24]
Source: Euromoney Research Group
[RMB-sterling trading gets off to a flying start][25]
June 2014
Bankers are already seeing demand for direct renminbi-sterling deals,
and anticipate a rise in volumes and market makers, since the
announcement on Thursday it is now possible to directly trade these two
currencies in China’s onshore interbank foreign-exchange market.
[Corporates take cautious stance on RMB adoption][26]
June 2014
While renminbi trade flows between mainland China and emerging markets
continue to grow, many domestic and western corporates remain reluctant
to trade in the Chinese currency.
[Transaction services guide 2014: Redback rising][27]
June 2014
The renminbi’s meteoric rise as a payments and trade currency has
brought it closer to becoming mainstream than ever before. Precisely
when this will happen is anyone’s guess. That it will is inevitable.
**World payment currencies vs. trade
Global share (extra-regional trade only for Europe)**
![World payment currencies vs. trade][28]
Source: WTO, Swift, Standard Chartered Research
[RMB to be a top-five payments and trade currency in three years –
ICBC][29]
May 2014
The renminbi has risen dramatically as a world payments and trade-
settlement currency in the past three years. According to the Chinese
bank ICBC, it could become a mainstream international currency as soon
as 2017.
[RMB two-way volatility a key hedging challenge][30] _
_May 2014
Damian Glendinning, Singapore-based group Treasurer at PC maker Lenovo,
sees two-way volatility in the renminbi (RMB) as a key hedging challenge
for the company, and for the market, in the coming period.
[Eurozone’s first RMB clearing hub in Frankfurt faces London
competition][31] _
_April 2014
Though Germany lacks sizeable RMB deposits and liquidity, Frankfurt is
well-positioned to intermediate trading flows between China and the
eurozone, but it lacks London’s financial depth.
[Capital controls in China are broken; Beijing faces a new ‘impossible
trinity’][32]
April 2014
The sharp jump in cross-border lending to China in recent years means
capital controls are de facto broken. As a result, Beijing faces the
“impossible trinity” – an inability to manage exchange rates, monetary
policy and allow for free movement of capital, all at the same time.
China faces an renminbi-policy crisis just as much as a potential credit
crisis.
![][33]
[Battle for European RMB trading hub supremacy intensifies][34]
April 2014
Competition among European financial centres to be the main renminbi
trading hub is intensifying after the Bundesbank and Bank of England
struck agreements with China to clear and settle payments in the
currency.[
Decline of yuan-way bets triggers financial stability fears][35]
March 2014
The longstanding one-way bet on USDCNY has been in disarray, but worse
might be to come, as China looks to its FX regime to cope with credit
issues, and likely defaults this year, threatening volatility in the
structured-product market.
![][36]
[Jury out on renminbi trading band][37]
February 2014
A shock policy-driven fall in the onshore spot rate has ignited
speculation that a widening of the exchange-rate band is on the cards,
while others are unsure the ‘two-way’ volatility presages a structural
shift.[
Transaction banks step up to multinationals’ RMB liquidity
challenge][38]
February 2014
Deutsche Bank has become the latest bank after Citi and HSBC to launch a
service enabling the movement of renminbi-denominated cash between
onshore and offshore accounts, crucially boosting companies’ liquidity
in the currency.
[Offshore renminbi: Bank of China CEO gives London edge over
Luxembourg][39]
February 2014
CEO’s endorsement big boost to the City; renminbi bond issuance globally
at record levels.
![][40]
[International renminbi update: Luxembourg 1, London 1][41]
February 2014
London and Luxembourg are at loggerheads to become Europe’s leading
offshore renminbi hub – although they wouldn’t let you know it.
[Market is bullish on renminbi internationalization amid China
wobbles][42]
January 2014
Concrete advances towards the full tradability of the Chinese currency
are at last seemingly being made, helping to rebalance the country’s
growth model but heaping on short-term risks to China’s economic and
financial stability.
![][43]
[London the offshore renminbi centre of choice in west, says Bank of
China][44]
January 2014
As competition between financial hubs heats up, London’s ambition to
become the western destination of choice for offshore renminbi received
a boost from crucial market players this week, following a flurry of
successful renminbi-related developments in the City.
[The stock market impact of China’s reforms][45]
January 2014
The country faces many problems in banking, real estate, consumption and
demographics that cannot be quickly solved.
[Renminbi offers bright spot amid global trade finance slump][46]
December 2013
The renminbi’s impressive rise this year as a global trade finance
currency is a positive development for a critical market that has been
buffeted hard in recent years by limp demand and financial regulation.
[London-China ties strengthen as China Construction Bank touts UK
business][47]
December 2013
With extended opportunities for UK investors in China through programmes
such as the RQFII scheme, China Construction Bank opened its doors this
week to London-based investors, signalling the strength of the Sino-UK
relationship.
[Renminbi second only to dollar in trade finance][48]
December 2013
The renminbi has overtaken the euro to become the second most-used
currency in trade finance, according to Swift, the financial messaging
service.
Renminbi as world trade finance currency in value![][49]
[China’s crucial Shanghai trade][50]
December 2013
At its Third Plenum, the Communist Party communicated its commitment to economic change. The country’s first free trade zone, in Shanghai, will act as the test bed, but without clarity on any number of policies, will international firms rush to set up shop?
[Four challenges facing Shanghai free-trade zone][51]
November 2013
China’s ambitious liberalization experiment in Shanghai, announced at
the third plenum, could reshape national policy – but there are four key
challenges that could thwart the project.[FX investors should look east;
China could taper before the Fed][52]
November 2013
For all the focus on the Federal Reserve’s plans to start tapering its asset purchases, currency investors should also be looking at developments in China.[China’s latest swap agreement will facilitate trade][53]
November 2013
Swap agreement reflects growing trade; London has competitive advantage.
[
US Treasury renminbi undervaluation claim disputed][54]
October 2013
The US government has upped the ante in its criticism of China’s foreign exchange regime, but Lombard Street Research reckons the renminbi is, in fact, overvalued by 30% on a trade-weighted basis, citing, in part, rising unit labour costs and disinflationary pressures.
[Cash management: A revolution in cash for China][55]
October 2013
Demand for sophisticated cash management services in China is rising as the authorities press for greater business efficiency at home and Chinese corporates expand their foreign operations. Renminbi liberalization is another driver.
[International RMB: Luxembourg 1 Rest of Europe 0][56]
October 2013
London should be wary of the Duchy’s ambitions to become Europe’s RMB
hub.[
Foreign investors wary of China onshore risks][57]
September 2013
The preferred method for playing Chinese credit markets remains the dim sum bond market, say analysts, as China’s expansion of access to its onshore market is met with a cool reception by foreign investors.
[Emerging market FX growth underperforms broader market][58]
September 2013
Emerging market (EM) currencies are expected to continue to expand their share of the $5.3 trillion-a-day global forex market despite the turmoil, with China’s RMB leading the charge.
[
China RMB debate: The renminbi’s road to full internationalization][59]
July 2013
Euromoney’s debate involving leading executives in Asian financial services throws light on the Chinese currency’s progress to full international status and the likely developments that will hinder and advance the process.
[Renminbi overvalued by 30%; China macro risks rise][60]
July 2013
The appreciation of China’s renminbi in the face of deteriorating economic fundamentals and global disinflation represents a new normal in China’s political economy, but opinion is split about whether the currency is overvalued.
[Currencies the best way to hedge against China crash][61]
July 2013
Investors looking to insure against the probability of a hard landing in China should look to the currency market.
[China: People’s Bank stays firm to calm fears][62]
July 2013
Funding squeeze reaches peak; PBoC to safeguard stability.
[London underlines offshore RMB credentials][63]
June 2013
London’s role in the global RMB market grew substantially last year, with business volumes and the number of renminbi products provided by London-based banks on the up, according to a new report.
[China’s FX carry trade: the next shoe to drop?][64]
June 2013
For FX investors witnessing the volatility in high-yielding currencies, it might seem a strange time to warn about the potential bursting of a carry trade bubble, but one has managed to slip under the radar.
[
US falls behind the curve as China pushes forth with
internationalization of the RMB
][65]
June 2013
[Fully convertible RMB: the final frontier][66]
May 2013
[Renminbi takes off as trading currency][67]
May 2013
[China curbs on speculative inflows pave way for renminbi band widening][68]
May 2013
[European capitals scramble to arrange currency trade deals with China][69]
May 2013
[China FX liberalization to ease reserve headache; Beijing at point of no return][70]
April 2013
[China balances reserves against currency imperative
][71]
April 2013
[Improved Taiwan-China relations spur investor confidence – Asia Q1 results][72]
April 2013
[Chinese banks: too big to compete
][73]
March 2013
[Redback’s rocky rise: will China bite the monetary bullet?
][74]
February 2013
[London steals a march on New York with Beijing swap agreement][75]
February 2013
[Renminbi a better focus of currency hostilities][76]
February 2013
[
Nominal GDP targeting – a new method in the Chinese monetary policy
madness?
][77]
February 2013
[Renmimbi internationalization to turbo-charge Taiwan growth][78]
February 2013
[China: Cash management revolution under way
][79]
February 2013
[Special focus: Currency wars
][80]
February 2013
[Former People’s Bank of China adviser warns on China imbalances
][81]
January 2013
[
The renminbi and cross-border trade: sightings of Bigfoot
][82]
January 2013
[
China rebalancing: winds of change
][83]
January 2013
[
London ramps up its offshore renminbi bid
][84]
January 2013
[
Renminbi: Why not swap?
][85]
January 2013
[Bond markets: LatAm dim sum whets Asian appetite
][86]January 2013
[
UK policy hampers London’s RMB drive
][87]December 2012
[Lack of single benchmark hurting offshore RMB][88]
November 2012
![][89]
Sources: Bloomberg, TMA, ANZ
![][90]
F is forward rate; S is spot rate; d is the number of calendar days for day count adjustment; t is tenor and t=0 is spot.
[China Construction Bank’s dim sum bond to spark new international bank
issuance
][91]November 2012
[Renminbi internationalization remains on track despite cyclical drop in
payments
][92]November 2012
[Start planning now for RMB internationalization
][93]November 2012
[Interest rates in China will be fully liberalized in three years – HSBC
][94]November 2012
[How to get your money out of China][95]
November 2012
China’s government expands the role of the RMB
![][96]
Source: China Law and Practice
[Inside investment: Nudging 1.3 billion Chinese
][97]September 2012
[Foreign exchange: Depreciation hampers renminbi][98]
September 2012
[Hong Kong: Chan outlines risk and reward for Hong Kong][99]
September 2012
[Taiwan agreement opens the gate for Chinese investment][100]
September 2012
[Changing dynamics of RMB: Hedge depreciation via forward-forwards][101]
August 2012
Correlation of RMB to China composite
![][102]
[Depreciation fears hamper renminbi internationalization][103]
August 2012
[
HKMA’s Chan outlines risk and potential reward for HK][104]
August 2012
[Value of RMB payments increases 17-fold][105]
July 2014
RMB payments grow 17.4 times
![][106]
Source: Swift
Growing international adoption of RMB payments
![][107]
Source: Swift
[People’s Bank of China to keep renminbi flat to the dollar by year-end
][108]July 2012
![][109]
Source: Capital Economics
[You win sum, you lose sum][110]
June 2012
[
RMB internationalization: From dim sum to a full Chinese banquet
][111]June 2012
[RMB internationalization: Who will win China’s transaction banking
business?][112]
June 2012
[London is the natural hub for renminbi][113]
May 2012
[Widen RMB trading band to 10% — ex-People’s Bank of China advisor
][114]May 2012
[Markets hail Asian governments bond plan][115]
May 2012
[Hopes rise for Asia regional bond market][116]
May 2012
[China: Dim sum bond is offered first on London’s menu][117]
May 2012
[China cash management debate: Banks in China simplify a complicated
world][118]
May 2012
[Barclays: China could achieve capital-account liberalization by 2015
][119]April 2012
[Middle East: Emirates NBD prints Gulf’s first dim sum bond][120]
April 2012
[Taipei angles for offshore RMB financial centre status][121]
March 2012
[Aussie’s days as a China proxy may be numbered, warns HSBC
][122]February 2012
[Foreign Exchange: London seeks to be top renminbi trading centre
][123]February 2012
[Dim sum bond market shows signs of maturity][124]
February 2012
[Taiwan: Cross-strait banking plans to bear fruit][125]
February 2012
[Renminbi internationalization to continue in 2012][126]
January 2012
[Will UK/HK renminbi deal make a difference?][127]
January 2012
[London ‘not ready’ to be offshore market for China][128]
January 2012
[China: Investors lose appetite for dim sum][129]
January 2012
[CME adds renminbi to alternative collateral][130]
December 2011
[Hong Kong launches renminbi gold trading][131]
November 2011
[China cash management debate: The challenges of Chinese cash management
][132]September 2011
[CME Group to launch new RMB FX products][133]
September 2011
[BNP Paribas focuses on Asia as Renminbi deregulates further][134]
September 2011
[Deutsche Bank unveils massive expansion in China
][135]September 2011
[Zhou stays firm amid China’s challenges
][136]September 2011
[Foreign exchange: Is the Hong Kong peg to the dollar unsustainable?
][137]September 2011
[Foreign exchange: Offshore renminbi celebrates first anniversary][138]
August 2011
[Will China unhitch from dollar, internationalise renminbi?][139]
July 2011
[China: Dim sum fever leaves investors starving for yield][140]
May 2011
[Cash management debate: Dynamic Asia makes growing demands on cash
management banks
][141]April 2011
[China starts onshore options market][142]
March 2011
[Asia’s financial regulators bolster FX barriers][143]
February 2011
[World Bank taps dim sum][144]
January 2011
[Dim sum market is a side dish][145]
January 2011
[China: Government AMCs to become new conglomerates][146]
November 2010
[Renminbi comes to Africa][147]
October 2010
[Chinese reform: Renminbi moves to a sweeter spot][148]
October 2010
[Everything you always wanted to know about RMB but were afraid to ask
][149]October 2010
[
A new bond market][150]
October 2010
[Chinese reform: Renminbi moves to a sweeter spot][148]
October 2010
[FX: Two sides of the renminbi coin][151]
September 2010
[Renminbi: Trading places][152]
September 2010
[Two steps towards internationalized renminbi][153]
August 2010
[Chinese central bank opens up bond market to foreign investment
][154]August 2010
[McDonalds serves up first RMB-denominated corporate bond issue
][155]August 2010
[Standard Chartered is on the road with Renminbi trade settlement
][156]March 2010
[Asia’s local-currency boom is a Chinese story][157]
June 2009
[HKEx plans derivatives in renminbi and IT upgrade][158]
March 2010
[NPLs: China’s trillion renminbi problem][159]
January 2009
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