RMB blueprint aims to keep Hong Kong ahead of rivals
Hong Kong's Financial Services Development Council (FSDC) has laid out an ambitious blueprint to keep its lead in the offshore renminbi market. It wants the city’s banks to be allowed to issue bonds onshore and it has called for the development of the Qianhai special economic zone and the education of emerging markets about renminbi opportunities.
Yet despite the wide-ranging objectives outlined in the FSDC report released this week, analysts said many of the ideas were unfeasible given China’s measured approach to internationalising its currency.
“They’re quite inventive in the solutions that they’ve provided for Hong Kong, and they’ve rightly pointed out that Hong
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