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The development of offshore renminbi

The development of offshore renminbi

Bian, Jing (2015) The development of offshore renminbi. Journal of International Banking Law and Regulation, 30 (1). pp. 13-22. ISSN 1742-6812

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Abstract

Renminbi (RMB) internationalisation has attracted a great degree of attention recently. Although being given a significant position in the international financial system; it shall be noted that this progress still remains at a fairly early stage, and more sophisticated products and services are yet to come, as SWIFT described: "growing but not quite there". Today, the Chinese Government is actively promoting international usage of the RMB via trading, investment and by serving as a reserve currency. The main RMB products offer services, which cover deposits, trade settlements and other international payments, "Dim Sum" bonds, certificates of deposit etc. Notably, the Chinese Government and financial regulators have developed a series of rules and regulations in order to facilitate and supervise RMB internationalisation. This article, aims to examine the continuingly developing phenomenon and its associated legal reform. It first investigates the legal status of RMB, and defines the concepts of offshore RMB and offshore RMB centres. Secondly, this article examines the financial regulators in China; in particular, those supervising and monitoring RMB internationalisation. Following this, the different development steps of RMB Internationalisation are analysed in detail, including cross border settlement in RMB, outward and inward investment using RMB, currency swap, etc. Fourthly, the interesting phenomenon, competition between different offshore RMB centres is discussed. Further considerations based on observations from this research are explored.

Item Type: Article
Uncontrolled Keywords: China, currencies, currency swaps, foreign investment, international trade, offshore financial centres, trade and commodity finance
Subjects: H Social Sciences > HG Finance
K Law > K Law (General)
Faculty / Department / Research Group: Faculty of Architecture, Computing & Humanities
Faculty of Architecture, Computing & Humanities > Department of Law
Related URLs:
Last Modified: 11 Jul 2019 12:38
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
Selected for GREAT 2019: GREAT 3
URI: http://gala.gre.ac.uk/id/eprint/24295

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