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.
Deputy governor of China's central bank offers assurances and a plan for currency convertibility. While the RMB capital market has seen its pricing advantage ebb away, analysts expect it to open up.
The Chinese firm had fewer than 180 days to put together the dollar liquidity to pay for GE’s home appliance business. Its trading head tells CT how it was done and why it now uses a specialist FX trading platform
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.
As the world comes to terms with a Trump presidency, CT asks treasurers in Asia whether they have priced in the result and adjusted for short- and long-term volatility.
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.
The People’s Bank of China wavered on the renminbi’s fixed rate in the first week of 2016, leaving many puzzled as to its stance on the currency and questioning the transparency of its policies.