The number of renminbi trading hubs is growing fast. More sovereign names are set to enter the issuance market, and bankers expect another banner year in RMB debt volumes. This year the currency could be added to the IMF’s Special Drawing Rights basket, while the Hong Kong/Shanghai Stock Connect initiative is now up and running.
China’s leaders believe further opening of the capital account while boosting the flow of RMB in global trade is vital to the country’s long-term economic performance and credibility.
However, amid all the excitement, there is still much uncertainty over the future of the RMB and its related financial markets. China’s pursuit of more global financial connectivity remains a tricky balancing act.
Offshore RMB Poll: Twelve questions for the RMB market As part of this year’s Offshore RMB Poll, we surveyed participants on 12 of the most important topics related to the RMB’s global journey. About 1,000 responses were received for the questions, which ranged from assessments of the pace of internationalisation progress to the size of the RMB trading band. By Carrie Hong and Paolo Danese.
Carrie Hong is editor and Paolo Danese is senior reporter at GlobalRMB, a news service from the publishers of GlobalCapital that is dedicated to the internationalization of the renminbi. The service can be reached at globalcapital.com/rmb.