Offshore renminbi clearing banks could face competition from 'superhighway'
Offshore centres run risk of becoming obsolete as China looks to introduce payments superhighway
The establishment of several offshore renminbi clearing banks could be more PR-push than game changer, analysts suggest, while the new centres may struggle to remain relevant as China introduces a new centralised payment platform.
The past year has seen a raft of offshore renminbi clearing banks appointed by the Chinese government, from Doha to Sidney and from London to Toronto, as the world's second-largest economy seeks to establish the yuan as a major reserve currency.
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