Hong Kong seeks to create ‘fixing’ rate for offshore renminbi; move will bolster derivatives market
Hong Kong's efforts to create an offshore renminbi fixing rate are viewed as strategically important for the development of the offshore renminbi, with such a benchmark essential for the growth of CNH derivatives, say market experts
The Hong Kong Monetary Authority's (HKMA) Treasury Markets Association is working with Hong Kong banks to create fixing rates for the offshore renminbi market, often dubbed ‘CNH', before the end of this year. "We support market initiatives that enhance robustness of the RMB business development," an HKMA spokesperson tells Asia Risk.
Hong Kong is keen to establish itself as a pre-eminent centre for offshore renminbi, and creating a fixing rate is viewed as an important step to establishing a
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