Chinese banks yearn to trade offshore renminbi

China’s ongoing acquisition of offshore assets and increasing influence in many parts of the world have created a need for its domestic banks as the primary financiers of a growth in demand by Chinese banks to more actively trade renminbi in all centres.

According to Wendy Tao, director of prime services at brokerage Invast Global, easier access to offshore RMB trading would reduce the discrepancy between the use of its currency and China’s status as the world’s second-largest economy.