Sources confirm access to onshore CNY rates will be available offshore to companies within two weeks, reducing the need for them to open onshore accounts.
The central bank is now making it easier for renminbi to be remitted, but conditions still apply. Treasurers in China are, however, holding fire until more information is available, CT understands.
The new renminbi basket has a lower weighting for the US dollar, but the new fix and spot rates against the dollar could mean greater volatility, analysts warn.
Hong Kong Monetary Authority is making cybersecurity defence a mandatory rule for banks to implement. But where’s the mandatory rule for firms? Maybe treasurers should establish one.
Amid reports of cyberattacks designed to hack the user end of a Swift software interface, CT checks where risk and accountability align for firms in the event of cyberfraud.
The IMF has endorsed the renminbi as a freely usable currency, recognising China’s increased importance in the global financial market. The renminbi’s journey to attaining this status was never straightforward.
China’s new payment system will bolster capital flows on and offshore, providing a foundation for capital account convertibility, according to a HSBC top Asia cash and payments banker.