Hong Kong SAR

In this round-up, South Korean RMB deposits fell in May, China's RMB denominated trade settlement also fell, SIX Swiss Exchange signed an MoU with Shanghai Stock Exchange, and the London Stock Exchange signed an agreement with Haitong Securities to co-operate on launching RMB-denominated ETFs in London.

China's currency is growing rapidly as a means of trade settlement, but its struggle for global acceptance has as much to do with market share as with perception, according to academics participating in a public seminar on China's financial future.

In this round-up, Hong Kong deposits rose in April, but cross-border RMB trade settlement fell, Macau announced its March deposit figures, ICBC opened two new offshore branches in Montreal and Riyadh, RMB clearing in South Korea has reached a daily average of Rmb25bn, and Japanese bank MUFG helped Brazilian clients settle trade with China in RMB.