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size of deposit base of the offshore deliverable renminbi currency market |
Just over a year ago, the Hong Kong Monetary Authority granted permission for quantities of Chinese renminbi to be transferred between accounts in Hong Kong for any purpose for the first time. This marked the birth of the offshore deliverable renminbi (CNH) currency market. The market’s growth has exceeded most people’s expectations. The CNH deposit base has reached Rmb549 billion ($85 billion) and the offshore renminbi currency market has gone from being practically non-existent to a $3 billion-a-day trade in spot and forwards.
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