“We are well-positioned to embrace regulatory and market changes with our clients, and to develop innovative RMB solutions that best serve the full spectrum of our clients’ needs,” says Charles Feng, head of macro trading for Greater China and north Asia at Standard Chartered. Eyeing the trend, Standard Chartered used its deep knowledge of the market and regulations, as well as its strong structuring and trading capabilities, to provide its clients with pioneering financing and hedging solutions. Over the past 12 months, regulators have introduced more relaxations, including the launch last September of the Southbound Bond Connect scheme, which enables Chinese mainland investors to access the offshore China market in Hong Kong and the opening up of more capital market products.Ĭhinese corporates and financial institutions have thus embarked on their RMB redenomination strategies by increasing their usage of the currency outside China in support of underlying commercial activities. The heightened use of RMB in a cross-border context is also in line with Chinese policy-makers’ drives to boost the currency’s internationalisation.
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