RMB Internationalization & Hong Kong. Graham Coker Trade Director, Transaction Services UK & Ireland

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1 RMB Internationalization & Hong Kong Graham Coker Trade Director, Transaction Services UK & Ireland

2 RMB Internationalisation China s Market Reform Agenda RMB is called CNY onshore and CNH offshore. Hong Kong is currently the only offshore RMB hub with Bank of China Hong Kong as the offshore clearing bank. CNY is not freely convertible but CNH is freely convertible. China targets 2020 to achieve full RMB convertibility and make it a global reserve currency of choice. To be implemented in 3 Phases: Currency of Trade, Currency of Investment & Currency of Reserve Objectives of RMB Internationalisation 1. Managing foreign currency reserve better 2. Easing revaluation pressure on RMB 3. China, 2 nd biggest economy to achieve greater influence in global political & economic affairs 2

3 Roadmap to Internationalise RMB Laying the ground in HK Making CNY partially deliverable Expanding offshore CNY liquidity pool 2011 Forming a circular loop back onshore 2012 Going global Bringing CNY to HK residents Floating the CNY Introducing CNYdenominated investment assets (bonds issued by policy banks) Signing CNY swap lines with strategically-targeted central banks Launching CNY trade settlement scheme Liberalizing CNH bond issuance rules Making it wholesale setting up CNH interbank market Introducing CNYdenominated equity IPO Allowing outward FDI Launching Renminbi QFII Allowing inward FDI Open CNY trade settlement to all importers and exporters anywhere in China Introducing regional satellite hubs Identifying a global clearing centre 3

4 Key Benefits of RMB Cross-border Settlement to Overseas Corporates Liquidity Management and Investment Diversification Companies will have the opportunity to more effectively manage RMB liquidity, with the option to hold RMB accounts outside of China, convert RMB into/out of other major currencies, and have access to greater funding and investment options in RMB. While USD and EUR have depreciated in the recent financial crisis, RMB value has remained stable and companies stand to benefit from the flexibility of adding an alternative currency to their portfolio. The Chinese government and China based companies as well as foreign companies continue to issue bonds denominated in RMB in overseas markets. Overseas companies thus have the opportunity to diversify investment options by investing in RMB dominated assets. Risk Management Holding an RMB cash position is a natural hedge for two-way import and export flows with China Increase Control Manage the timing of your foreign exchange transactions Increase Pricing Transparency Access to a wider buyer/supplier base As a buyer from China, goods can be priced and settled in RMB without any potential markup from foreign exchange More and more Chinese companies will start to use RMB as the settlement currency for trade. Overseas companies that have the flexibility to settle trades in RMB will have a competitive advantage. Settling in RMB may provide access to a wider supplier and/or client base who might have limited access to foreign currency 4

5 Why Hong Kong? 1. Multi-currency and multi-functional financial platform 2. Buy/sell RMB of reasonable size 3. Growing and largest pool of RMB liquidity outside of Mainland 4. The only RMB bond market outside Mainland 5. Dual channel for trade settlement: Clearing Bank and a large network of Correspondent Banks 6. Increasing range of RMB financial products outside Mainland 7. Continuous support from HK and China governments 8. Hong Kong is currently the only offshore RMB hub with local RMB clearing platform. 9. RMB is not freely convertible in China but it s freely convertible in Hong Kong. 5

6 Scope of RMB Services offered by RBS HK (1) Account Services Any eligible enterprise located in Hong Kong and other regions outside PRC can open RMB account Current and Saving accounts are available (3) Currency Exchange Two ways conversion for trade settlement and non trade settlement Available in Spot or Deliverable Forward (2) Trade Finance General trade services including Documentary Collections, Letter of Credits, Guarantees and etc. (4) Remittance Outward and inward RMB remittances in and out of PRC subject to PRC regulations and guidelines. Both Import and Export loans are feasible Interest rate to be determined by banks on a commercial basis (5) Investment RMB fixed deposits Investment in RMB bonds issued in Hong Kong 6

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