Comments on Settlement Infrastructure for Local Currency Internationalization by Changyong Rhee and Lea Sumulong Paper. R. Sean Craig IMF Resident Representative in Hong Kong HKIMR Conference on Currency Internationalization Hong Kong, December 11 th , 2012.
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R. Sean Craig
IMF Resident Representative in Hong Kong
HKIMR Conference on Currency Internationalization
Hong Kong, December 11th, 2012
What role does the settlement system play
in RMB Internationalization?
2007 Mainland financial institutions allowed to issue RMB-denominated bonds in HK subject to approval
2009 RMB cross-border trade settlement
2010 Foreign companies can issue RMB- bonds in HK
2011 RMB FDI and ODI
2012Qianhai Shenzhen-Hong Kong Cooperation Zone will allow HK banks to lend directly to mainland firms
Short term capital inflows to China and the CNY-CNH basis