Latest News:  
Beijing   Overcast/Sunny    7 / -2   City Forecast

People's Daily Online>>China Business

Yuan expected to be int’l currency around 2020 (2)

(People's Daily Overseas Edition)

16:50, February 22, 2012

Major foreign cities compete to become offshore yuan market

All major reserve currencies in the world have a big offshore market. A mature offshore yuan market can effectively promote internationalization of the yuan, and help the yuan become an international currency more easily.

China has made great achievements in building offshore yuan markets in recent years, especially the offshore market in Hong Kong. Statistics showed that as of November 2011, more than 132 Hong Kong-based financial institutions offering yuan services had provided loans of 25.6 billion yuan, and had deposits over 627 billion yuan, accounting for about 10 percent of their total deposits. The yuan has become the third most widely used currency in the region after the Hong Kong dollar and U.S. dollar.

Shen Jianguang, managing director of Mizuho Securities Asia Limited, said that following the establishment of the China Hong Kong offshore center, London and Singapore are both in active consultation with the Chinese government about formally becoming the offshore markets, and the Chinese government is also optimistic. China’s development level is much higher than many Southeast Asian countries.

First Secretary of the British Embassy in economic and fiscal policy Peter Mumford said, “A lot of yuan products are almost simultaneously released in Hong Kong and London. And in London, the offshore yuan products develop so rapidly that there have been hundreds of millions of yuan deposits. We have reasons to believe that yuan offshore market in London will grow faster.”

【1】 【2】 【3】


Related Reading

Leave your comment0 comments

  1. Name


Selections for you

  1. Xi lays wreath at mausoleum of Mustafa Kemal Ataturk

  2. Heavy snowfall hits southern Kazakhstan

  3. "The Wind of Asia " wedding fashion show held in Tokyo

  4. Melbourne hosts International Pancake Day celebration

Most Popular


  1. Finding out truth crucial to resolving Syrian crisis
  2. Deposit reserve ratio cut does not mean policy shift
  3. Is West genuinely trying to 'save' Syria?
  4. China's Linsanity
  5. Ancient technology education program launched
  6. Banks' reserve ratio cut aims to spur growth
  7. China, India should treat competition rationally
  8. China takes responsible attitude towards Syrian
  9. Admire Jeremy Lin for his skills, not the way he looks
  10. VP Xi's U.S. tour hailed as future-oriented landmark

What's happening in China

Heavy fog shrouds Beijing

  1. Provinces to end 'iron bowl' jobs
  2. Apple moves to defend rights on iconic iPad
  3. Bear bile maker opens farm to reporters
  4. Beijing plans campus police system
  5. 134 arrested for producing and selling "gutter oil"

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai