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The Offshore Renminbi The Rise of the Chinese Currency and Its Global Future,9781118339251

The Offshore Renminbi The Rise of the Chinese Currency and Its Global Future

by ;
Edition: 1st
Format: Hardcover
Pub. Date: 1/1/2013
Publisher(s): Wiley
Availability: This title is currently not available.

Summary

The rise of the renminbi and what it means for forex markets Chinese authorities have ambitious plans to "internationalize" the renminbi, transforming it from a tightly controlled domestic legal tender into a global currency for international trade, held by both private and public sector asset managers. The Offshore Renminbi examines this impending currency revolution, outlining why the emergence of China as a major economic power will likely soon be matched by a transformation of the renminbi's role in the global financial system. It explains how new markets for "offshore" renminbi are developing outside mainland China since the country is not yet ready to fully open up its economy to international capital flows, and the regulations that govern them. The potential growth for the renminbi market is vast, thanks to China's role in the global trading community. The early stages of the internationalization effort were small-scale, but momentum has greatly increased over the past 18 months, making this book more relevant than ever. These developments offer new opportunities (and challenges) for corporate treasurers and investors, as China's profound economic success and growing prominence in global trade may transform offshore renminbi into a new global reserve currency and a legitimate competitor to the U.S. dollar. Explores how the "internationalization" of the renminbi is likely to yield a new global currency to rival the U.S. dollar Examines "offshore" renminbi and the host of new financial markets they have created, from a spot FX market to Dim Sum bonds in Hong Kong Covers broad themes of interest to general readers and policymakers, as well as more detailed issues of practical and direct importance to corporate treasurers and investors The Chinese government has ambitious plans to make the renminbi a global currency. The Offshore Renminbi explains the complexities of this strategy and the dramatic implications for the global FX markets.

Author Biography

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 Kong–based 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.

Table of Contents

Foreword

Preface

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
Timing Convertibility
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

Bibliography

About the Authors

Index

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