October’s Euromoney magazine carries an article by Chris Wright surveying the liberalization of the renminbi market. It should be read in its entirety. Subscribers will get their hard copy soon, or they can read it online here. Here’s a précis for those of you who are truly time-pressed.
The pace of RMB liberalization is increasing: in January 2009 there was the CNY200 billion currency swap between the PBOC (People’s Bank of China) and the HKMA (Hong Kong Monetary Authority); and in June 2009 the pilot scheme was launched for the settlement of cross-border trade in renminbi.
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