Offshore RMB Market and RMB Internationalization
- Author Yanzhao Gong
- DOI 10.17605/O
- Country : China
- Subject : International Economics and Trade
Keywords : RMB Onshore Market; RMB Offshore Market; RMB Internationalization; Risk Hedging; Capital Account
Abstract
With the development of China's foreign trade and the expansion of international exchanges, RMB gradually plays the role of measure of value, means of payment and store of value in the world, and an efficient offshore market is a prerequisite for RMB to play the role of international currency. Hong Kong RMB (renminbi) offshore market plays a key role in cross-border renminbi payments. With the expansion of offshore RMB market, its spillover effect is obvious and its influence on RMB pricing is gradually enhanced. It is necessary to deepen the reform and opening of financial market to coordinate the development of onshore and offshore markets, so as to further promote the internationalization of RMB.
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