China Briefing News

Report: RMB to be a Globally Traded Currency by 2015

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May 3 – In a special report, John McCormick, the Chairman of the RBS Group, has suggested that the RMB will be a globally traded currency by 2015. Noting that the use of China’s RMB internationally is rapidly increasing despite China’s slowing economy, he states that now is the time for the new leadership to […]

HSBC Holds First Offshore ‘Dim Sum’ Bond Offering in London

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Apr. 20 – UK-based international banking and financial services company HSBC raised RMB2 billion (US$317 million) through three-year bonds at 3 percent on Wednesday, marking the first “dim sum” bond issuance outside of the greater China region and yet another step towards the internationalization of the RMB. “The internationalization of the RMB is simply too […]

People’s Bank of China Loosens RMB Trading Band

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By Xiaolei Gu Apr. 17 – The People’s Bank of China (PBC) announced this past weekend that the renminbi’s (RMB’s) trading band would be widened from April 16, 2012, allowing the currency to rise or fall each day by as much as 1 percent from the official daily rate against the U.S. dollar. The increased […]

China-Australia Agree on Bilateral Currency Swap Agreement

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Mar. 23 – The central banks of China and Australia signed a currency swap agreement yesterday that will allow RMB200 billion (A$30 billion) worth of local currencies to be exchanged between the two countries over three years. The purpose of the agreement, according the People’s Bank of China, is to help strengthen financial cooperation between […]

China Takes Further Steps Towards Internationalizing the Renminbi

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By Xiaolei Gu Mar. 14 – The China Development Bank (CDB) has taken the initiative to bring out an agreement among the BRICS nations by pledging to extend credit in renminbi (RMB) to the group’s four other members, according to a report by the Financial Times. To this effect, a memorandum of understanding is scheduled […]

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