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.
HSBC’s strategic push to Asia promises explicit investment in transaction banking platforms and lending rates set to undercut existing lenders*, but the shift will be far less substantial than presumed.
ICBC’s Singapore branch can now provide renminbi cross-border settlements. What factors will help Singapore to rival Hong Kong as a renminbi hub and what will it mean for the CNH? CT asks the experts