RMB Offshore Centre. Lee Ka Keung 08028443 Law Po Yan 08026068. The definition of Renminbi Offshore center ( 人民幣離岸中心 ). When the currency flows to a place outside its native market, this place is called the offshore centre. Where should RMB offshore centre be located?
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Lee Ka Keung 08028443 Law Po Yan 08026068
HK or Shanghai?
(1)Official recognized status from China;
(2)Circulation of Renminbi is approved (認可流通) in Hong Kong;
(3)Deposit of Renminbi in Hong Kong is not restricted by the China law;
(4) World-Qualified clearing and settlement system
(5)Relaxation of RMB business in HK recently
(6) internationally recognized legal system
(7) No restriction on the flow of information
(8) Hong Kong’s business is market-oriented
2009/7 RMB cross-border trade settlement pilot program was launched. It was originally limited to 5 places in China. When they trade with Hong Kong, RMB can be used as the currency to settle trades. After this program was implemented, the applicable areas was expanded to 20 provinces and cities, including Beijing, Chongqing, Tianjin,etc.