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The following article was published in our article directory on December 16, 2010.
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RMB to Become International Foreign Exchange Market Darling

Article Category: Business Management

Author Name: Amanda xzh

For decades, the RMB has been limited to use inside China. Today, it is becoming popular on the global foreign exchange market assets. Just a few months ago, the Chinese government was the first time in mainland China allowed the yuan to trade outside.

Months, the yuan daily trading volume from zero to 4 million. As the world's second largest economy currency, the RMB began to flow in the world. RMB transactions in the global scope of the enterprise through the sale of yuan to be for trade, investment and loan financing. This is the yuan to play a role in the global financial markets, an important step.

Despite the new deal, but the value of the renminbi is still strictly controlled by China, therefore, the price change will not reach the extent that the dollar and euro. Even so, being the RMB trading currency traders still see a substantial increase in the demand for the renminbi. New York, London and Tokyo, bankers competing to establish a new trading system and clearing room to trade yuan.

Daily trading volume of RMB only 4 trillion global foreign exchange market daily trading volume of a small part of the U.S. dollar, the yen and the euro compared to shame. However, a larger deal size reached RMB fast speed so that traders by surprise. Chinese companies are allowed to conduct RMB into Hong Kong's offshore trade account. End of this year, renminbi deposits in Hong Kong may be up to 3,000 billion.

However, the continued growth of RMB transactions are not certain. China is likely to change practices so that the RMB market slowdown. Institute of Renmin University of China, deputy director of the International Monetary Song Zuo said that China is worried that if the accumulation of too much too fast yuan in overseas, they may lose control of inflation and interest rates.

Nevertheless, Standard Chartered Bank head of research at Dai Weiman said the American, to carry out offshore yuan trading is "to change the game ... ... it's coming much faster than people expected."

Some people predicted may be just a few years, China's import volume of which 20-30% in RMB instead of U.S. dollars will be settled. Standard Chartered Bank data show that, at present, less than 1% of China's imports are denominated in Renminbi.

Dai Weiman said, shortly after the trading volume of RMB trading volume may compete with the Japanese yen, the dollar and euro after becoming the third active currency trading.

Until now, whether you want to engage in renminbi speculation investors still need to hedge exposure to fluctuations in the RMB business can only contract by tracking the movement of the renminbi to indirectly achieve its purpose. These contracts for the yuan needs to buy and sell real goods business is useless.

Yuan in overseas trading, the transaction must have accounts in Hong Kong. Chinese enterprises to import and export business purposes only to transfer funds to offshore RMB account. Withdrawal of domestic funds is still limited.

However, as long as the money in accounts in offshore renminbi, the holder can be freely traded in any way.

Increase in offshore yuan holdings is the main driver of emerging economies, namely China's major trade destinations. HSBC Bank predicted that the next 3 to 5 years time, China and emerging markets at least half a year, nearly 2 trillion dollars cross-border trade will be settled in RMB.

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