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Background: HK's dev't as an offshore RMB market

08-18-2011 09:29 BJT

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From restrictions of the yuan's circulation outside the Chinese mainland in early days, to its ever-growing role with surrounding economies, the renminbi has made significant strides over the past two decades.

As a global financial center, Hong Kong serves an especially important role in the course of the currency's internationalization. Here's some background on the development of its role as an offshore renminbi market.

1.HK AS AN OFFSHORE RMB MKT

March 1993

Individual visitors allowed to bring 6,000 yuan or less across the border; RMB starts circulating in Hong Kong.

2.HK AS AN OFFSHORE RMB MKT

November 2003

PBOC agrees to provide clearing arrangements for banks in Hong Kong to conduct personal RMB business on a trial basis.

3.HK AS AN OFFSHORE RMB MKT

February 2004

RMB business is officially launched in Hong Kong to facilitate cross-border tourist spending and to further strengthen economic integration between Hong Kong and the Chinese mainland.

4.HK AS AN OFFSHORE RMB MKT

June 2007

Financial entities incorporated in China's mainland are allowed to issue renminbi bonds in Hong Kong, subject to approval.

5.HK AS AN OFFSHORE RMB MKT

June 2009

Chinese Ministry of Finance issues 6 billion yuan worth of treasury bonds in Hong Kong. It's the first time that China's national debt is sold outside the mainland.

6.HK AS AN OFFSHORE RMB MKT

November 2010

Chinese Ministry of Finance issues 8 billion yuan worth of treasury bonds in Hong Kong. It's the second time that China's national debt is sold outside the mainland.

Editor:Li Wanran |Source: CNTV.CN

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