Newer market news, in view of factors such as the appreciation of the renminbi, the renminbi cross-border trade has grown at a faster rate. The relevant parties are considering opening overseas RMB offshore investment in the mainland capital market.
According to industry analysts, according to the current level of business expansion, the total amount of cross-border trade in RMB exceeded 200 billion yuan in 2010 has no suspense; and this year, the mainland's RMB settlement pilot will be expanded from Shanghai and other five cities to 14 such as Ningbo. The city, as well as the expected appreciation of the renminbi, has intensified, and the total business volume is expected to exceed 300 billion yuan.
Affected by the expectation of RMB appreciation, Hong Kong foreign currency deposits decreased by 0.2% in March, while RMB deposits increased by 7.1%. At present, a number of overseas financial institutions, including HSBC and Citigroup, have introduced renminbi-denominated insurance products and are actively planning stock investment products. Hong Kong Banking Association Chairman Hong Weizheng said that the issuance of RMB products by banks will help increase the amount of RMB deposits and liquidity, thereby increasing the amount of RMB trade settlement. According to the currency swap agreement between Hong Kong dollar and Renminbi in 2009, the scale of liquidity that the People's Bank of China can provide is 200 billion yuan.
It is reported that the current overseas RMB return investment is still limited. Ren Zhigang, former chairman of the Hong Kong Monetary Authority, said in public that he hopes that mainland regulators can "open the green light" and allow overseas RMB to invest in domestic capital markets. For example, a stock trader is allowed to open a RMB account for a customer.
On May 6th, the market said that the relevant parties are considering opening up overseas RMB normal investment channels in the Mainland, including bonds, stocks, inter-bank lending, etc., in order to facilitate the gradual deepening of RMB cross-border trade settlement. At the same time, the Shanghai Stock Exchange will launch cross-border exchange-traded funds this year. Earlier, Suning, deputy governor of the central bank and director of the Shanghai headquarters of the central bank, also said that he would support Shanghai and Hong Kong in building the offshore financial market.
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