FX VOICE: What China's cash pilots mean for the CNH
China’s regulators are freeing up the movement of renminbi and FX from China via a series of pilots. What does this mean for the offshore CNH market in 2013, if anything? CT asks the experts.
Weisheng He, FX strategist, Citi:
The offshore renminbi market has already passed the initial stage of rapid development, and we are now probably in the stage of consolidation and deepening in the market. The recent announcements of more cross-border cash management initiatives are very necessary to encourage the corporations, especially the multinational companies, to use renminbi in their overseas business.
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