Chinese renminbi (RMB)
Europe doubles RMB transactions with Greater China in one year
European hubs fuel growth in renminbi usage with 10% share of global payments, after major financial hubs sign swap agreements with the People's Bank of China
Emerging currencies face uphill battle for true internationalisation
BIS report published alongside major EME survey also warns the costs of an international currency might outweigh the benefits
Renminbi fails two out of five key tests to be reserve currency, says Malaysian deputy
Trading prowess, official support and confidence in China are heavily in renminbi’s favour, but there are issues over the country’s financial market development and role as an exporter of capital
End of Bretton Woods has helped dollar reserves, says ECB paper
The collapse of the Bretton Woods System has resulted in significant upheaval of currency reserve trends, says an ECB working paper co-authored by Barry Eichengreen
Renminbi as a reserve currency
China’s renminbi is gaining traction as a global currency, which will pave the way for a multiple global reserve currency system. Discussed here by John Zhu, economist, Greater China, HSBC
RMB inclusion in SDR would open way for investment by advanced economies
More advanced-economy central banks would join Swiss National Bank and invest in onshore renminbi assets if the currency was included in SDR
RBA deputy hints at renminbi clearing bank and RQFII quota
Philip Lowe reveals that Australia should get a designated clearing bank ‘in the coming months’ and hopes to obtain a quota for investment in mainland China shortly after
SNB strikes deal to invest in Chinese bond market
Thomas Jordan and Zhou Xiaochuan establish new swap line in deal, which also permits the SNB to invest up to $2.4 billion in renminbi-denominated assets
Chinese banks freed to set own RMB-dollar exchange rate
Chinese authorities hand banks freedom to set their own dollar exchange rates; central bank also widens renminbi trading band
France and Luxembourg join race to become Europe's renminbi hub
France and Luxembourg next in line for clearing banks after striking deals with PBoC over the weekend; French institutional investors also granted permission to invest in China
PBoC approves direct trading between renminbi and sterling
The pound will become only the fifth currency that can be directly exchanged with the yuan; People’s Bank of China names China Construction Bank as renminbi clearing bank in London
US overtakes Taiwan as offshore RMB clearing centre
The value of RMB payments between the US and China jumped 229% in the year to April 2014, helping the US overtake Taiwan as the third-biggest offshore RMB clearing centre
PBoC favours London as offshore RMB hub, says leading Chinese banker
The Chinese government and central bank 'think very highly' of London, says top Chinese banker who predicts the City will play a key role in renminbi internationalisation
Offshore renminbi has increasing impact on Asian exchange rates
How long the independent impact will last will likely depend on China's progress in liberalising its capital account, according to working paper from the Bank for International Settlements
Germany pips UK to renminbi clearing deal
Deutsche Bundesbank signs MoU with People’s Bank of China three days before the Bank of England; agreements pave way for first two clearing banks outside Asia
BoE and PBoC to ink deal on London RMB clearing bank
Central banks will sign memorandum of understanding next week that will pave way for London to establish the first offshore renminbi clearing bank outside Asia
‘Seismic' renminbi internationalisation has a way to go, says RBA deputy
For the renminbi to be considered truly ‘internationalised', RBA deputy Philip Lowe says it must reach a situation where non-residents are willing to hold it un-hedged
PBoC doubles reminbi trading band
The People's Bank of China announced this weekend it will double the renminbi's trading band to let it fluctuate 2% either side of the bank's daily reference rate
World should brace for impact of rising Chinese exports, report warns
Array of ‘major problems’ afflicting the Chinese economy is likely to require renminbi devaluation, with knock-on effects for the rest of the world, research warns
Fate of renminbi market contingent on Chinese authorities’ resolve
Central bank officials from the UK and continental Europe agree the internationalisation of the Chinese renminbi is contingent on progress of Chinese reform
Banque de France ‘is active’ in onshore renminbi market
French central bank has invested in Chinese government bonds through the onshore renminbi market; Bank of England angles for London clearing bank
Markets see PBoC hand in RMB depreciation
The sharp fall in the RMB at the end of February is thought to have been a deliberate action by China’s central bank to engineer the development of a two-way market in the currency
Mersch cautiously optimistic on RMB internationalisation
Renminbi internationalisation could bring benefits both to China and outsiders, ECB board member says, if Chinese reforms continue and investors take care
