China
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The second meeting of the London-Hong Kong Renminbi Forum gives the finance industry’s finest an opportunity to share ideas together. But what the Forum should aim for is an audience in Beijing.
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The joint head of Deutsche Bank’s Asia unit, Alan Cloete, has called for greater flexibility in cross-border renminbi flows, warning that RMB internationalisation risks stalling due to the limited pool of liquidity.
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Renminbi trade settlement volume is expected to reach Rmb4 trillion next year with potential growth originating from the emergence of other offshore centres, says Deutsche Bank. -
Pressure on the renminbi to appreciate will increase especially if the dataflow out of the mainland remains positive, prompting the central bank to readjust the currency fix in the near-term.
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The prolonged rally in the renminbi as the PBoC takes a more hands off approach indicates that a series of FX market reforms are to be expected in the coming months, says the bank.
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UK-based hedge fund Stratton Street sees value in buying US dollar bonds from Asian countries with high net finances to GDP, using an NDF to add renminbi exposure.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
