CNH growth set to continue: HSBC

16:27, May 25, 2011      

Email | Print | Subscribe | Comments | Forum 

The pace of offshore renminbi (CNH) growth is set to continue, said HSBC in its latest research, adding that the organic growth of the CNH market in most recent end-1Q data has been breathtaking.

The CNH deposit base has grown at a 251 percent annualized pace, to over CNH 450 billion by end-March, putting it on track to reach HSBC's forecast for CNH 800 billion to 1.2 trillion by year-end, said the bank in the report released on Tuesday.

The deposit base is the key indicator to watch when tracking overall CNH market development. It forms the basis of market supply and liquidity, as well as the source for fundraising.

Cross-border trade settlement reached 360 billion RMB, or 7 percent of total trade in 1Q this year, having grown from 5 percent in 4Q last year.

HSBC expected that more than half of China's total trade with emerging markets be settled in RMB within two to four years.

As for gross bond issuance this year, HSBC also expected its pace of growth to remain strong. (1 RMB equals 6.5 US dollars)

Source: Xinhua
 
 
     
 
Wen Jiabao attends trilateral leaders' meeting of China,Japan and ROK
 
The Third China-U.S.Strategic and Economic Dialogue
 
     
 
 
 
  Weekly review  
 
May 20   World Economic Forum China office marks fifth anniversary
 
May 18   China, Pakistan joined in bonds of brotherhood
May 20   'Central axis' of Beijing applies for world cultural heritage
May 20   In pictures: Int'l 'Financial Security' symposium opens in Beijing
May 21   The week in pictures
May 16   Beijing aims for massive influx of overseas talent in 2011
May 16   Singapore election coverage shows Western arrogance
May 16   Chinese naval helicopter conducts target practice in Gulf of Aden
May 17   Strategies for harmony between militaries of China, US
May 17   Pakistani Prime Minister hails China as true friend
 
     
 
 

(Editor:梁军)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • 3rd Anniversary Of Wenchuan Earthquake
  • Third China-U.S. Strategic and Economic Dialogue
Major headlines
Editor's Pick
  • Relaxation room launched in Anhui University
  • Rich precipitation brings busy farming season in Guangxi
  • Review of Oprah Show's spectacular moments before big final
  • Obama, Cameron try pingpong
  • First BRT lane opens in Beijing
  • Local gov't in Mexico starts campaign to reduce arms in citizens
Hot Forum Dicussion