Internationalization of the renminbi

Since the late-2000s, the People's Republic of China (PRC) has sought to internationalize its official currency, the Renminbi (RMB). In 2004, Hong Kong resident could purchased yuan without required underlying up to 20,000 per day. The RMB Internationalization accelerated in 2009 when China established dim sum bond market and expanded Cross-Border Trade RMB Settlement Pilot Project, which helps establish pools of offshore RMB liquidity.[1][2] In 2013, the RMB was the 8th most traded currency in the world[3] and the 7th most traded in early 2014. By the end of 2014, RMB has ranked 5th as the most traded currency, according to SWIFT's report, at 2.2% of SWIFT payment behind JPY (2.7%), GBP (7.9%), EUR (28.3%) and USD (44.6%). In February next year, RMB became the second most used currency for trade and services, and reach the ninth position in forex trading. The Renminbi Qualified Foreign Institutional Investor (RQFII) quotas were also extended to other five countries - the UK (extended 15 October 2013), Singapore (22 October 2013), France (20 June 2014), Korea (18 July 2014), Germany (18 July 2014), and Canada (8 November 2014), each with the quotas of ¥80bn except Canada and Singapore (¥50bn). Previously, only Hong Kong was allowed, with a ¥270bn quota. The launch of Shanghai-Hong Kong Stock Connect (SSE and HKEx) in November 2014, embarked China into the next stage of internationalization. In January 2015 Chinese Premier, Li Keqiang, announced a planned second Stock Connect linking Shenzhen and Hong Kong exchanges. The China's RMB internationalization and foreign exchange (FX) reforms are evolving rapidly and full convertibility is expected over the next couple of years.[4]

History

The PBoC, under instructions from the Chinese government, has sped up the move to full convertibility of CNY since 2008. This has taken the form of permitting the use of RMB outside China for all current account transactions such as commercial trade, payment of services, interest payment, dividend payment, etc. and the use of RMB for certain approved capital account transactions such as foreign direct investment (FDI), outward direct investment (ODI), Central banks and offshore Participating banks can invest excess RMB in mainland interbank bond market through China Interbank Bond Market (CIBM quota), investment into mainland China (through RQFII quota), offshore investment from mainland (through QDII quota), including the onshore individual investment to offshore through Qualified Domestic Individual Investors program (so-called QDII2).[1]

According to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the path of RMB internationalisation can be divided into three phases—first as usage for trade finance, then for investment, and in the longer term, as reserve currency.[5]

Before 2004, yuan was not allowed outside of China. In 2004, China started to allow border trading in yuan especially in the Southern and Western border.[1] HKMA first raised with the PBoC the idea of introducing personal renminbi business in Hong Kong as early as November 2001, to facilitate economic and social exchanges between Hong Kong and the Mainland and to channel renminbi cashnotes in Hong Kong back to the Mainland orderly through the banking system. In November 2003, the State Council approved the introduction of personal renminbi business in Hong Kong, which followed by the appointment of the Clearing Bank, establishment of payment system linkages and arrangements for cross-border renminbi cashnote delivery. Banks in Hong Kong started to offer renminbi deposit-taking, currency exchange, remittance and debit and credit card services to personal accounts on 25 February 2004.[2] As of May 2014, 1.47% of world payments was settled in RMB, which ranked RMB as the 7th most traded currency in the world.[6] The average monthly RMB trade settlement rose from CN¥320 billion in 2013 to ¥480bn in 2014.

2007: Creation of Dim Sum bonds and offshore RMB bond market

The dim sum bond market generally refers to RMB-denominated bonds issued in Hong Kong. The majority of dim sum bond are denominated in CNH, but some are linked to CNY (but paid in USD). In July 2007, dim sum bonds worth a total of US$657 million were issued for the first time by China Development Bank.[7] These financial assets were issued to foreign investors in renminbi, rather than the local currency.[8]

In June 2009, China allowed Financial Institutions in Hong Kong to issue dim sum bonds. HSBC was the first FI that issued RMB Bond (dim sum bond). In August 2010, McDonald was the first corporate that issued dim sum bonds. In October, the Asian Development Bank (ADB) raised a ¥1.2bn 10-year bond, and became the first supranational agency who issued dim sum bond and also the first dim sum bond listed in HKSE. The dim sum bonds market grew 2.3 times from 2010 (¥35.8bn) to 2013 (¥116.6bn), with outstanding amount at the end of 2013 of RMF 310bn.[2]

In August 2012, China and Taiwan signed an memorandum of understanding on new cross-straits currency settlement and in March 2013, China Trust Commercial Bank became the first to issue RMB bonds in Taiwan market (Formosa bond). In November, CCB (Hong Kong) issued a Formosa bond after mainland banks became eligible.[9]

2008: Cross-Border Trade RMB Settlement Pilot Project[1]

Phase I: on 24 December 2008, China allowed import and export in RMB between (i) Yunnan province and countries in GMS including ASEAN countries (ii) Guangdong province and Hong Kong and Macau.

Phase II: on 1 July 2009, China officially announced regulation on RMB Settlement Pilot Project and opened up Shanghai and 4 cities in Guangdong (Guangzhou, Shenzhen, Zhuhai and Dongguan) with Hong Kong, Macau and ASEAN countries.

On 1 July 2010 expanded to Mainland Designated Enterprises (MDE) in 20 pilot areas (4 municipalities [Beijing, Tianjin, Chongqing, Shanghai], 12 provinces [Liaoning, Jiangsu, Zhejiang, Fujian, Shandong, Hubei, Guangdong, Hainan, Sichuan, Yunnan, Jilin, Heilongjiang] and 4 autonomous regions [Guangxi, Inner Mongolia, Xinjing Uygur, Tibet]), which allow to the cross border payment of current account items with any country in the world.

By 2014, RMB cross-border trade settlement reached RMB 5.9 trn making a 42.6% (YoY) increase, which represent 22% of China's trading volume.

2009-present: Offshore Renminbi (CNH)

Since 2009, China has signed currency swap agreements with numerous countries such as Argentina, Belarus, Brazil, Canada, ECB, Hong Kong, Iceland, Indonesia, Malaysia, Singapore, South Korea, Thailand, the United Kingdom, Uzbekistan and Tajikistan.[10][11][12][13] The renminbi deposits in HK gradually grew from ¥12 billion in 2004 to ¥59 billion in 2009.[2]

On 17 August 2010, PBoC issued policy to allow Central Bank, RMB offshore Clearing Banks and offshore Participating Bank to invest the excess RMB in debt securities, in onshore Inter-bank Bond Market. In October, China further open up both FDI and ODI in RMB (Pilot RMB Settlement of Outward Direct Investment) and nominated Xinjiang as the first pilot province (which in early 2011 expanded to 20 pilot areas).[14] In November 2010, China and Russia began trading in their own currencies, abandoning the United States dollar as the medium of exchange in bilateral trade.[15] This was soon followed by Japan in December 2011.[16] On 19 December, the direct trading of yuan against Thai baht was launched in CFETS (Interbank FX trading system) in Yunnan and on 31 December, PBC released the Announcement of the People’s Bank of China Concerning the Implementation of Measures for the Pilot Program of Allowing Fund Management Companies and Securities Companies Approved as Renminbi Qualified Foreign Institutional Investors (RQFII) to Invest in Domestic Securities Market. The RQFII program allows RMB investment funds to be set up in Hong Kong and invest in mainland China's securities markets.[17]

In the first quarter of 2011, the Chinese Renminbi surpassed the Russian ruble in terms of international trading volume for the first time in history.[18]

In June 2013, United Kingdom became the first G-7 country to set up an official currency swap line with China.[19]

As of 2013, the RMB is the 8th most traded currency in the world.[20]

As of July 2014, 25 countries have signed the RMB Bilteral Swap Ageeement with PBoC with total facilities of over ¥2.7 trillion.

The scale of the offshore renminbi (CNH) market is still limited at the moment, with offshore renminbi deposits (around ¥1.5 trillion, of which 70% are in Hong Kong) only about 1% of that onshore (around ¥100 trillion), which is much lower than the ratio of 30% of offshore versus onshore US dollar deposits. The average daily turnover of offshore renminbi foreign exchange market (CNH) is about US$20 billion by the end of 2013.[2] On November 17, syncronised with the Shanghai-Hong Kong Stock Connect debut, the HKMA has lifted the daily yuan conversion cap (¥20,000).[21]

2013-present: Shanghai Free Trade Zone (SFTZ)

The Shanghai Free-Trade Zone (SFTZ) was launched on 29 September 2013 with key implementation details announcing in May 2014. The SFTZ is being used as a test ground for trade, investment and financial reforms, before the roll out to nationwide. The RMB can flow freely between Free Trade Account (FTA), non-resident onshore account and offshore account. Transactions between resident onshore account outside SFTZ and FTA with the same entity are also allowed provided they do not involve capital account transactions that are not yet approved by PBoC and SAFE.[4]

RMB as a reserve currency[22]

The road to the RMB Internationalization is far from complete. History suggests that;

Major milestones

As of August 2014: (i) more than 10,000 financial institutions are doing business in RMB, up from just 900 in June 2011; (ii) the RMB is now used to settle 18% of China’s total trade, from just 3% in 2010; (iii) China has currency swap agreements with 25 central banks with the total amount of over ¥2.7 trillion; (iv) there are now eight official offshore RMB clearing centres – Hong Kong, Macau, Taiwan, Singapore, London, Germany, Korea, and the latest is Canada (signed November 2014).

Implications for the financial industry

According to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), many financial institutions are currently building up an RMB trade settlement, payments, foreign exchange, derivatives and clearing capabilities because the internationalization of the RMB has led to new sources of revenue for banks.[30]

[need elaboration on the impacts to the certain aspects to RMB internationalization e.g. on the importance of BSA, the offshore Clearing banks, Commodity prices index to RMB, RMB as Central Banks' reserve currency, etc.]

List of RMB Bilateral Swap Agreements

Earliest agreement[14][31] Economic partner Max. value in foreign currency
(including extensions)		 Max. value in RMB
(including extensions)
12 December 2008  South Korea KRW 64 trillion ¥360 billion[32][33]
20 January 2009  Hong Kong HKD 490 billion ¥400 billion[14][34]
8 February 2009  Malaysia MYR 90 billion ¥180 billion[35]
11 March 2009  Belarus BYR 16 trillion ¥7 billion[36][37]
23 March 2009  Indonesia IDR 175 trillion ¥100 billion[38]
29 March 2009  Argentina ARS 38 billion ¥70 billion[39]
9 June 2010  Iceland ISK 66 billion ¥3.5 billion[40]
23 July 2010  Singapore SGD 60 billion ¥300 billion[41]
18 April 2011  New Zealand NZD 5 billion ¥25 billion[42]
19 April 2011  Uzbekistan UZS 167 billion ¥0.7 billion[11]
6 May 2011  Mongolia MNT 2 trillion ¥15 billion[43][44]
13 June 2011  Kazakhstan KZT 150 billion ¥7 billion[45]
23 June 2011  Russian Federation RUB 984 billion ¥150 billion[17][46]
22 December 2011  Thailand THB 320 billion ¥70 billion[47][48]
23 December 2011  Pakistan PKR 140 billion ¥10 billion[49]
17 January 2012  United Arab Emirates AED 20 billion ¥35 billion[50]
21 February 2012  Turkey TRY 3 billion ¥10 billion[51]
22 March 2012  Australia AUD 30 billion ¥200 billion[52]
26 June 2012  Ukraine UAH 19 billion ¥15 billion[53]
26 March 2013[54]  Brazil BRL 60 billion ¥190 billion[12]
22 June 2013  United Kingdom GBP 21 billion ¥200 billion[55]
9 September 2013  Hungary HUF 375 billion ¥10 billion[56]
12 September 2013  Albania ALL 35.8 billion ¥2 billion[57]
9 October 2013  European Union EUR 45 billion ¥350 billion[58]
21 July 2014   Switzerland CHF 21 billion ¥150 billion[59]
16 September 2014  Sri Lanka LKR 225 billion ¥10 billion[60]
3 November 2014  Qatar QAR 20.8 billion ¥35 billion[61]
8 November 2014  Canada CAD 30 billion ¥200 billion[62]
23 December 2014    Nepal NPR ¥ billion[63]
18 March 2015  Suriname SRD 520 million ¥ 1 billion[64]
10 April 2015  South Africa ZAR 54 billion ¥ 30 billion[65]
25 May 2015  Chile CLP 2.2 trillion ¥ 22 billion[66]
05 September 2015  Tajikistan TJS 0.5 billion ¥ 0.5 billion [67]
Total (excluding Nepal) ¥3,158.7 billion

List of RQFII program licence and quota

Date Country Quota ceiling
(CNY)		 Approved quota
(CNY)
December 2011 Hong Kong 270 billion 252.4 billion
23 October 2013 Singapore 50 billion 3 billion
2014 London 80 billion 2.2 billion
2014 Paris 80 billion
2014 South Korea 120 billion[68]
2014 Frankfurt 80 billion[69]
4 November 2014 Qatar 30 billion
2014 Taiwan* 100 billion*
2014 Canada 50 billion
17 November 2014 Australia 50 billion[70]
21 January 2015 Switzerland 50 billion
5 May 2015 Luxembourg 50 billion[71]
25 May 2015 Chile 50 billion[72]
27 June 2015 Hungary 50 billion[73]
14 December 2015 UAE 50 billion
17 December 2015 Thailand[74] 50 billion
Total ex Taiwan 1,210 billion 257.6 billion

* proposed, not yet started

List of RMB Offshore Clearing Bank

Appointed

Date

Country Clearing Bank Clearing hour

(GMT)

24 December 2003  Hong Kong BoC, Hong Kong branch[75] 00:30-21:00[76]
2004  Macau BoC, Macau branch[77]
11 December 2012  Taiwan BoC, Taipei branch[78]
8 February 2013  Singapore ICBC, Singapore branch[79]
18 June 2014  UK CCB, London branch[80]
19 June 2014  Germany BoC, Frankfurt branch[81]
4 July 2014  South Korea BoCom, Seoul branch[82]
15 September 2014  France BoC, Paris Branch[83]
16 September 2014  Luxembourg ICBC, Luxembourg[84]
3 November 2014  Qatar ICBC, Doha[85]
8 November 2014  Canada ICBC, Toronto[86]
17 November 2014  Australia BoC, Sydney[87]
6 January 2015  Thailand ICBC, Bangkok[88]
6 January 2015  Malaysia BoC, Malaysia[89]
25 May 2015  Chile CCB

The accumulated RMB clearing amount has reached 40 trn yuan, grew 1300% from 2013 to 2014.

Proposed Clearing Hubs

Asia-Oceania
Country City Status
 Australia Sydney Ongoing negotiations[90]
 Malaysia — MoU signed 10-Nov-14[91][92]
 United Arab Emirates Dubai Ongoing negotiations[93]
Africa
Country City Status
 Kenya Nairobi Ongoing negotiations[94]
Europe
Country City Status
 France[95] Paris MOU signed 28-Jun-14
  Switzerland Zürich Ongoing negotiations[96]
North America
Country City Status
 United States San Francisco Ongoing negotiations[97]

Renminbi hubs outside China

[need elaboration on the benefits of RMB Clearing Banks outside of mainland and China International Payments System (CIPS)]

Australia

China is Australia's largest trading partner (AUD 120bn in 2013) and in March 2012, the Reserve Bank of Australia (RBA) signed the 3-year RMB Bilateral Swap Agreement with the PBoC worth RMB200bn.

18 February 2014, the Australian Securities Exchange Limited ("ASX") and BoC signed an agreement for clearing and settlement in RMB (in Australia). In April, the RBA announced that it would invest up to 5% of its foreign reserves in RMB Sovereign bond.[98] On November 17, RBA and PBoC signed an MOU to established official RMB Clearing arrangements in Australia and PBoC granted RMB 50bn RQFII quota to Australia, which will allow approved Australian domiciled FI to invest in China's domestic bond and equity markets using RMB.[70]

Canada

On 8 November 2014, Canada became the first country in the Americas to sign a reciprocal currency deal with China, enabling direct business between the Canadian dollar and the Chinese yuan.[99]

Germany (BoC)

On 19 June 2014, Based on the MoU signed by the People’s Bank of China and the Bundesbank, the PBoC has authorized the Frankfurt Branch of Bank of China to serve as the RMB clearing bank in Frankfurt.[100] China is EU's No. 1 supplier of goods and its third largest export market. Eu-China annual trade could grow 1.5 times in a decade's time (to EUR 660bn). Germany is China's largest trading partner in the EU (EUR 138.6bn in 2013), which accounted for 45% of EU's exports to China and 28% of EU's imports from China. The RMB was used for 29% in the eurozone (and 38% of non-eurozone Europe's) from 19% a year earlier. The volume of RMB deposit has climbed to 100bn at end-2013.[101]

Hong Kong and Macau (BoC)

Since 2010 CNH deposit has grown 12 times from RMB 90 bn to 1,125 bn by 1H2014 while Trade Settlement handled by Hong Kong Banks and CNH Bond outstanding increases 107 times (RMB 27 bn to 2,926 bn) and 12 times (RMB 30 bn to 384 bn) respectively.[102] As of 2014, Hong Kong is still the largest offshore RMB (CNH) hubs outside of mainland China. On 10 April, CSRC and Hong Kong's SFC jointly announced Shanghai-Hong Kong Stock Connect (SHKSC) pilot programme – which allows Hong Kong investors to buy Shanghai-listed A-shares and vice versa – is scheduled to start operation on 13 October 2014 with the quota for inward investments in A-shares by Hong Kong residents of CNY 300bn [69] (the actual opening was on 17 November where the daily limited was reached, mainly from the Northbound trade, after market opened less than 5 hours).

London (CCB)

In 2013, London accounted for over 60% percent of all renminbi-denominated trade activity outside Chinese territory,[103] with daily volume rising to £3.1 billion.[104]

On 18 June 2014, PBoC appointed China Construction Bank (London) to serve as the RMB Clearing Bank in London.[105] The UK leads Europe with 123.6% growth in RMB payment between July 2013 to July 2014.[106]

Luxembourg

In May 2011, the first Dim sum bond issued by a European company outside Greater China was listed on the Luxembourg Stock Exchange.[107]

In the first quarter of 2014, Luxembourg confirmed its position as the number one in renminbi business in Europe and the third worldwide. RMB deposits increased by 24% to ¥79.4bn compared to 2013 year's end.[108]

In May 2014, the first Dim Sum bond issued by a Chinese entity in the Eurozone was listed at the Luxembourg Stock Exchange, the so-called Schengen bond.[109]

Luxembourg is the largest RMB securities settlement centre and leading place for RMB denominated bonds in Europe with RMB 79bn in deposits and over RMB 261 bn in investment funds registered.[110]

Malaysia

In October 2011, Khazanah Nasional Bhd issued the first ever offshore RMB denominated sukuk, raising RMB500m .

In July 2014, SWIFT ranked Malaysia as top ten offshore RMB centres. Its RMB trade settlement volume as tripled since 2010 to RMB3bn (in 2013) while RMB deposit to (10.7bn) and FX volume ($580m per day) increased more than ten and fifteenfold since 2010 respectively. As of mid-2014, Malaysian firm's RMB Bond issuance reached RMB4.4bn.[89]

Moscow

On 15 December 2010, the Moscow Interbank Currency Exchange (MICEX) became the first regulated market to trade the renminbi outside China, with a relatively modest first session turnover of ¥4.9 million, or 22.8 million rubles, after one hour of trading.[111]

In 2011, MICEX was incorporated into the Moscow Exchange where the renminbi continued to trade against the ruble. In 2012, the volume of renminbi traded increased by 70% compared to the previous year.[112]

From April to June 2013, the average daily value of renminbi traded on the Moscow Exchange grew nearly fourfold, surpassing ¥30 million for the first time. On 3 July 2013, it reached an all-time high of ¥55.2 million.[113]

Paris

In 2013, renminbi-denominated deposits in Paris amounted to ¥10 billion, making it the second largest pool of Chinese currency in Europe after London.[114]

Singapore (ICBC)

In 2013, the city-state of Singapore became the world's 3rd largest foreign exchange (FX) hub, lagging behind only the United Kingdom and the United States[115] In October that year, plans for the Singapore Dollar to trade directly against the renminbi were finalized.[116]

According to the Monetary Authority of Singapore (MAS), the usage of the renminbi in Singapore has increased by 40% since 2012, with total renminbi-denominated deposits valued at more than ¥140 billion.[117]

On 7 February 2013, PBoC designated ICBC (Singapore) as the yuan Clearing Bank in Singapore.[118]

On 7 March 2013, PBoC renew the 3-year BSA with MAS and double the facility to ¥150bn (30 billion Singapore dollars)[119]

In June 2014, PBoC and MAS jointly announced the Suzhou Industrial Park (SIP) initiative, which clearly suggested China's recognition of Singapore as an offshore Yuan center following Hong Kong (with Qianhai) and Taiwan (with Kunshan).[120]

On 28 October 2014 direct currency trading started between the Singapore dollar and the renminbi (CNY/SGD).[121] The Singapore dollar was added to the China Foreign Exchange Trade System's (CFETS) platform, which as of 28 October 2014 offers financial operations and transactions between the yuan and ten foreign currencies.[122]

South Korea (BoCOM)

On 4 July 2014, PBoC appointed Bank of Communication (Seoul) as the RMB Clearing Bank in South Korea.[123]

Switzerland

On 21 July 2014, the People’s Bank of China and the Swiss National Bank had signed a bilateral currency swap agreement.[124]

Taiwan (BoC)

On 11 December 2012, PBoC authorized Bank of China (Taipei) to serve as RMB Clearing Bank in Taiwan.[125] The CNH deposit in Taiwan at RMB 301bn is second only to Hong Kong (945 bn) as of November 2014.

Tokyo

In 2012, direct transactions between the Japanese yen and the renminbi began, with Sumitomo Mitsui Banking Corporation acting as the first major Japanese bank to accept deposits in renminbi.[126]

List of foreign banks, that trade renminbi

This list is incomplete; you can help by expanding it.

Criticism

Gordon G. Chang, author of The Coming Collapse of China (published in 2001 and predicted Chinese economy would collapse in 2006), argues that China’s "excessively selfish" currency policy does not sit well with other nations, and such efforts to loosen control of the renminbi is part of China's ploy to deflect international pressure.[127]

The German news magazine Der Spiegel criticized China for "forcing other countries to maintain reserves of Chinese money" in a bid to attain "economic hegemony".[128]

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