China grants Mastercard license for RMB bank card clearing operations
Rebecca Huang
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RMB internationalization
10 posts
SAFE to expand cross-border forex management pilot
Xiaorui Zhang
A gradual opening of the capital account hits two of China’s longer-term ambitions. It furthers the internationalization of the RMB and strengthens financing avenues for China’s tech self-reliance drive…
Fang Xinghai delivers speech highlighting financial reform and opening progress
In his speech, Fang talked a lot about what has been done and said nothing about what will be done. In regards to the opening policies that Fang mentioned, we expect more experimentation with RMB internationalization through Hong Kong capital markets and that select Chinese companies will continue to raise capital via GDRs…
19 Hong Kong-listed firms have applied for their stocks to trade in RMB
Traditionally, Hong Kong was a gateway for foreigners into China. Its future lies in being a gateway for Chinese capital to the world.
Swap Connect expected to launch this quarter
The Swap Connect will increase the international appeal of China’s financial markets by giving foreign investors a way to hedge their exposure to Chinese fixed-income products.
Yi Gang reiterates PBoC’s aim to loosen control of RMB exchange rate
Jibingxin Han
Given the urgency with which the central bank is pursuing both RMB internationalization and interest rate reform, we expect the managed float will be abandoned and replaced by…
Chicago Mercantile Exchange to launch USD/CNH options in April
Alex Yang
This is a boost for RMB internationalization, no doubt. CME is the world’s largest regulated FX marketplace and gaining its blessing will boost the attractiveness of holding and trading CNH. But, RMB’s internationalization is a marathon, not a sprint…
Chinese banks roll out trials of single yuan/forex account for settlement, remittances
This trial, now in its second year, has several aims – improve the business environment for MNCs in China, make the mainland a more attractive place for MNCs to set up regional headquarters, and promote the internationalization of the RMB…
PBoC, SAFE release notice on facilitating Panda bond issuance
David Zhang
Expanding the Panda market is a key component to Beijing’s RMB internationalization goals. For the yuan to become an international currency, foreign firms must be…
PBoC releases RMB internationalization report
Tianyu Zhu
Over the last couple of years, Beijing has elevated RMB internationalization as a policy goal. It’s slow going, but a regular flow of supportive reforms – as well as growing international RMB use fueled by Western sanctions on Russia over its invasion of Ukraine – will ensure further progress.