Robert Minikin is the Senior Foreign Exchange Strategist with Standard Chartered Bank, Hong Kong. He is a member of the Global Foreign Exchange Strategy team focusing on Northeast Asia FX, with a particular emphasis on "CNH," the new Chinese yuan (CNY) offshore market in Hong Kong. He is a well known commentator on financial market development who is regularly featured both in the print and broadcast media. Mr. Minikin has more than twenty years of experience in financial market analysis. He holds first and second degrees in economics from the University of London.
Kelvin Lau is a Hong Kongbased economist covering Greater China, specialising in Hong Kong and the Pearl River Delta in Southern China. Kelvin joined Standard Chartered Bank as an economist in September 2000 and is currently a member of the Greater China research team. With a focus on Hong Kong and the Pearl River Delta (PRD) region in Sourthern China, Kelvin provides macroeconomic analysis and on-the-ground views of major economic issues. His views are quoted by various international as well as local media. He holds a degree in economics from the London School of Economics and Political Science.
List of Acronyms and Key Terms
Chapter 1: The New Global Role for the Renminbi
A Long-Standing - but Failing - Path
Allowing Renminbi Markets to Flourish
Political Tailwinds for Internationalisation
Challenges and Consolidation Risks
The Renminbi in a Multipolar World
Chapter 2: Linking the “Offshore” and the “Onshore” Renminbi Markets
International Transactions in a Domestic Currency
The Starting Point for Renminbi Internationalisation
“Investability”; Opportunities and Challenges
PBoC and Exchange Rate Policy
The Advantages of the Offshore Renminbi
Chapter 3: The Birth and Evolution of the Offshore Renminbi Market in Hong Kong
A Chronological Look at Key Policy Liberalizations
More on Renminbi Trade Settlement in the Post-Big Bang Era
From Renminbi Trade Settlement to Offshore Renminbi Deposits
Chapter 4: New Markets – New Jargon, New Opportunities
The Chinese Yuan in FX Spot
A New Diversity of Forward Markets
Opportunities in the CNH Markets
Tracking Returns in CNH Deposits
The Dim Sum Bond Market Matures
Chapter 5: Geographical Expansion of the Offshore Renminbi Universe
From ‘Hong Kong’ to Haiwai through Trade
Renminbi in London and the ‘Hub-And-Spoke’ Model
Direct Renminbi Cooperation with Mainland China
Shanghai’s Aspiration and Infrastructure Overhaul
Hong Kong Is Still in Pole Position
Chapter 6: Drivers for internationalization
Public Policy; “Replacing” USD
Economics; China’s Role in the Global Economy
For Investors; Appreciation - But, More Importantly, Diversification
For Corporate; Fairer and More Transparent Pricing
For Official Reserve Managers; a New Route to Stability?
Chapter 7: The Rise of the Renminbi and its Policy Implications
The Renminbi’s Rise: a Threat to the Hong Kong Dollar?
The Renminbi’s Rise: a Regional FX Anchor
The Renminbi Rise: the SDR and the IMF
The Reminbi’s Rise : the US Dollar in a Multipolar World
Appendix: The CNH Timeline
About the Authors
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