RMB globalisation entering new phase: HSBC
The currency is no longer structurally undervalued and London is set to act as a key outpost in its increased use in international investment.
Renminbi internationalisation is entering a new phase, with the currency no longer structurally undervalued and set to be more widely used for investment globally, argues a management trio at HSBC.
Speaking at a press briefing in Hong Kong yesterday, Anita Fung, the bank’s Hong Kong chief executive, voiced her expectation that RMB appreciation would fall to 2% for 2012, against an annual average of 4.5% since the renminbi was first de-pegged from the US dollar in 2005.
Fung sugg…
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