· Bank of China (Hong Kong) and Bank of China (Taipei), the offshore renminbi clearing banks in Hong Kong and Taiwan respectively, began offering term deposits for participating banks from March 1. Bank of China (Hong Kong) also raised the overnight deposit rate from 0.629% to 0.648%.
Source: ANZ, Thomson Reuters
· Hong Kong Monetary Authority said offshore renminbi deposits grew 3.5% month on month in January to reach Rmb624 billion (US$xx), the second highest level since it started reporting the figures in October 2010. In addition, renminbi cross-border trade settlement grew to Rmb268 billion from Rmb264 billion a month earlier.
· Standard Chartered grew its offshore renminbi (CNH) deposit base by 46% year-on-year (y-o-y), increasing its market share to 11% for the year ending December 31, 2012, according to Barclays analysts. It also had a CNH loan-to-deposit ratio of around 80% while CNH income rose by 30% y-o-y.
· Yang Kaisheng, president of ICBC said the bank trying to become the offshore renminbi clearing bank for London, according to Reuters.