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 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.
Keen to appease treasurers, the Bank of Thailand plans to relax foreign exchange regulations to make the country more attractive for setting up corporate treasury centres.