Reports

HSBC RMB Survey Report 2015

In 2014, HSBC commissioned a comprehensive study of RMB internationalisation worldwide – and this report sets out Their findings. In January and February 2015 they interviewed a total of 1,610 businesses and corporates across 14 markets, who currently have international business with mainland China. Every respondent was a financial decision maker with influence over the selection of service providers for their business.

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London RMB business volumes 2014

This report covers the development of the London renminbi market for the full year of 2014.

The overall findings fit with the key trends identified in previous London RMB business volumes reports in this series. Although market volatility continues, RMB business is developing globally both in terms of volume and in the breadth of products and services denominated in the currency. UK growth matches well this global trend and we expect London will maintain its position as a leading centre for RMB business for the foreseeable future, bringing with it even more opportunity within what remains a nascent but hugely exciting emerging financial market.

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Renminbi ascending: How China's currency impacts global markets, foreign policy and transatlantic financial regulation

This report was authored by Bourse Consult and published by the City of London.

This report, authored by the Atlantic Council and developed in partnership with the City of London Corporation, Standard Chartered and Thomson Reuters, analyses the key drivers behind the ‘internationalisation’ of the renminbi (RMB) and the impact this will have on the global financial system, including important implications for transatlantic monetary, regulatory and foreign policy. In doing so, it identifies future areas of reform needed to efficiently move the process forward and illustrates important links to macroeconomic, macroprudential and macropolitical strategies.

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Renminbi rising. Onshore and offshore perspectives on Chinese financial liberalisation.

This Economist Intelligence Unit report, commissioned by State Street, examines the future development and internationalisation of China's currency and the pace, process and likelihood of financial reform in the country. It compares the views of institutional investors headquartered in mainland China (excluding Hong Kong and Taiwan) with those based elsewhere. The report is based on a survey of 200 senior executives from institutional investors with knowledge of their exposure to renminbi assets.

http://www.economistinsights.com/financial-services/analysis/renminbi-rising

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Research & Whitepapers

Global implications of the Inclusion of theRMB into the SDR

XU Hongcai Director of the Economic Research Department, China Center for International Economic Exchanges (CCIEE) (Paper for Think Tank 20 China Kickoff Meeting)

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Harnessing the RMB opportunity: A brief guide to China's global currency

Deutsche Bank has released a new guide to RMB internationalisation, which includes information on a broad range of the bank's Renminbi capabilities and key practicalities for corporate clients.

The guide provides Deutsche Bank's clients with an outlook on the road ahead for RMB internationalisation, an update on the RMB FX market, an overview of key trade and payment developments, as well as information on external and intercompany funding solutions.

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The Internationalization of the Renminbi and the Rise of a Multipolar Currency System

Miriam L. Campanella for the European Centre for International Political Economy (ECIPE) Published January 2014

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BOOK OF THE MONTH

Reform of the International Monetary System and Internationalization of the Renminbi

Gaining Currency: The Rise of the Renminbi 1st Edition

by Eswar S. Prasad (Author)

In Gaining Currency, leading China scholar Eswar S. Prasad describes how the renminbi (RMB) is taking the world by storm and explains its role in reshaping global finance.

Prasad shows, that while China has successfully adopted a unique playbook for promoting the RMB, many pitfalls lie ahead for its economy and currency that could limit the RMB's ascendance. The Chinese leadership is pursuing financial liberalization and limited market-oriented reforms. Prasad argues, while the RMB is likely to become a significant reserve currency, it will not attain "safe haven" status as a currency to which investors turn during crises. In short, the hype predicting the RMB's inevitable rise to global dominance is overblown.

Gaining Currency makes a compelling case that, for all its promise, the RMB does not pose a serious challenge to the U.S. dollar's dominance in international finance.

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