28 sierpnia 2011

Hong Kong i Chiny: w kierunku mocniejszego powiązania finansowego. Łatwiejsze inwestowanie w RMB. Rynek CNH rośnie w siłe.

Ź: NOM Investing in RMB to be Easier
China plans to allow cross-border direct investment in RMB China's Ministry of Commerce has said it intends to allow cross-border direct investment into the country in the Chinese currency renminbi (RMB), the country's latest effort to diversify investment options of the Yuan and facilitate its internationalization process. Foreign investors will be able to make direct investments in China with RMB obtained legally from overseas, according to a draft released by the ministry, which is currently soliciting public feedback on the new rules. The ministry said in a notice on its website the move was aimed at "further promoting cross-border trade and investment in RMB." The ministry said RMB funds obtained through cross-border trade settlement and overseas issuance of RMB-denominated bonds or stocks are eligible for such direct investments. RMB profits gained by foreign-invested companies in China and then remitted out of the country are also eligible. However, those overseas RMB funds can not be used to invest in negotiable securities and financial derivatives in China directly or indirectly, nor to provide entrusted loans in the country or repay domestic or overseas loans, said the ministry. The move follows remarks by Vice Premier Li Keqiang last week that support will be given to Hong Kong enterprises making direct investment on the mainland in RMB. The RMB Qualified Foreign Institutional Investors (RQFIIs) will be allowed to invest in mainland securities markets with an initial size of 20-B Yuan, Li announced during a visit to Hong Kong. Analysts believe those pledges will speed up circulation of RMB funds both into and out of China and help the Yuan become a more international currency. To encourage the internationalization of RMB, the Chinese government allowed trials of cross-border trade settlement in RMB in July 2009 and expanded the project to 20 provinces, municipalities and autonomous regions last year.
China to publish new yuan investment rules soon-paper
China will publish rules as early as next month to allow offshore yuan to be invested in the mainland's capital markets under a new scheme, the Shanghai Securities News reported on Friday, citing people close to the securities regulator. The so-called Renminbi Qualified Foreign Institutional Investor (RQFII) scheme, also called mini-QFII, was one of a series of measures announced last week by China's Vice Premier Li Keqiang during his trip to Hong Kong. Under the scheme, modelled after the larger Qualified Foreign Institutional Investor (QFII) programme, foreign investors will be allowed to buy mainland stocks and bonds up to an initial quota of 20 billion yuan ($3.1 billion), as Beijing promotes the international use of the Chinese currency.
China’s offshore currency market growS UP QUICKLY After its first year, the offshore yuan market has exceeded expectations of even the optimists. Average daily CNH trading volume is more than $1 billion and the market’s structure is improving. In the next 12 months, expect some growing pains as investors get pickier and yuan appreciation expectations are curbed.
polecam - więcej - PDF reuters - click Factbox: How will China internationalize the yuan?
China's dreams of having the yuan trade freely one day were revived last week when Chinese Vice Premier Li Keqiang unveiled a series of measures to bolster investment options for the yuan. Below is a roadmap drawn up by a group of Chinese officials and researchers in a book titled: "RMB internationalization: Origin and Redevelopment" on just how Beijing will relax its hold on the yuan and turn it into a fully convertible currency. The yuan is also known as renminbi (RMB). China has never given a timetable on when it will achieve full yuan convertibility, but the book suggests China should make the yuan "basically" convertible within five years. REFORMS WITHIN CHINA -- External debt, claims 1. Use yuan to issue foreign loans and establish yuan internationally 2. Replace restrictions on the size of external debt with prudential standards -- Direct investment 1. Use yuan for direct investment and establish the currency internationally 2. Set a quota for foreign direct investment and set up prudential standards -- Bonds 1. Allow international financial institutions to issue debt denominated in yuan 2. Allow international financial institutions, central banks to use yuan to buy debt 3. Sharply increase investment quotas for QFII* and QDII** -- Equity 1. Allow companies to issue equity depository receipts in mainland China and Hong Kong and introduce an arbitrage mechanism 2. Allow international companies to list in mainland China and Hong Kong and 3. Sharply increase investment quotas for QFII and QDII REFORMS IN HONG KONG OFFSHORE MARKET 1. Perfect the yuan settlement scheme 2. Allow the Hong Kong government to liberalize financial services and products for yuan. Use the offshore yuan market in Hong Kong, which the yuan is freely trade, to draw experience for achieving the full yuan convertibility. OVER-ARCHING CONDITIONS 1. Introduce the concept of an international yuan and have a fixed amount of yuan convertible against other currencies 2. Free up the interest rates market 3. Use a currency regime that is backed by a basket of currencies, and let the yuan test the limits of its trading band against the dollar 4. Fine-tune the Shanghai Interbank Offered Rate to make it a better benchmark interbank market rate 5. Allow overseas direct investment and external debt to be sold under a registration system, and establish reserves for external debt * Qualified Foreign Institutional Investors scheme, which allows selected foreign institutions to invest up to $1 billion in China's yuan-denominated bonds and stocks ** Qualified Domestic Institutional Investors scheme, which allows selected domestic funds to invest abroad
więcej w etykiecie Chiny/China, a w szczególności tutaj: Od zielonego do czerwonego czyli o procesie umiędzynarodowienia waluty ChRL
P.S. Zapraszam do współpracy osoby, które chciałyby przygotować tekst po polsku. Niestety z braku czasu mogę go zaprezentować w języku angielskim.

2 komentarze:

  1. Yuan Convertible By 2015: China to EU Chamber
    Chinese officials told European Union business executives that the yuan will achieve “full convertibility” by 2015, EU Chamber of Commerce in China President Davide Cucino said.

    “We were told by those officials by 2015,” Cucino told reporters in Beijing yesterday, declining to identify the government departments involved. He said the step-by-step process was indicated at a meeting in the last several weeks.

    The timeline may help China deflect criticism from U.S. and European lawmakers that the world’s second-biggest economy is gaining an unfair advantage in global trade by artificially keeping the yuan undervalued. It’s also a year faster than the schedule expected by 57 percent of 1,263 global investors in a Bloomberg survey, which was published in May. http://www.bloomberg.com/news/2011-09-08/yuan-to-be-fully-convertible-by-2015-eu-chamber.html

  2. Formalnie to tutaj sobie odnotuję:

    HONGKONG, APRIL 12 2012
    China seems to be wasting no time in taking advantage of growing cross-border yuan flows to accelerate the opening up of
    its capital account and boost the yuan internationalization process.
    Recent measures taken by the government will help activate more two-way yuan flows and add to the attraction of the
    currency, offsetting a slower pace of appreciation in the yuan, which had been its main attraction to investors.
    Yuan trade settlement volumes have stayed high in the past few months, even as yuan deposits in Hong Kong declined
    for three consecutive months, suggesting that yuan inflows and outflows are approaching an equilibrium level.
    If that is indeed occurring, it may ease Beijing's concerns that more hot money will flood into China once further yuan
    channels are available.
    The China Securities Regulatory Commission announced last Wednesday that it would raise the Renminbi Qualified
    Foreign Institutional Investor scheme (RQFII) by 50 billion yuan ($8 billion) on top of the initial batch of 20 billion yuan
    permitted only four months ago.
    What makes the new quotas substantially different is that China will allow financial institutions to issue exchangetraded-funds tracking domestic A shares. They would be listed on the Hong Kong stock exchange, apart from the existing
    quotas which are used mainly for bond investments.
    "We expect that China will speed up allocation of quotas, broaden access to its market to a larger group of investors,
    relax restrictions in terms of assets they can purchase, further boost the size of existing programs and introduce new ones,"
    said Dariusz Kowalczyk, senior strategist at Credit Agricole.
    While more offshore yuan is expected to be repatriated to the mainland's capital markets, Beijing is also encouraging
    companies and individuals to make overseas investments to boost capital outflows.
    China's cabinet said it would study allowing direct investments overseas by residents in Wenzhou city, as part of a
    "general financial reform zone" experiment, a significant step toward liberalizing capital account transactions.

    "This suggests that policymakers are aiming to simply accelerate liberalization, rather than being motivated to boost a
    particular type of flow in a particular direction," said HSBC in a recently issued report.
    China's effort to promote the yuan has been well received by its trading partners, including developed countries. In
    March, China signed a currency swap with Australia with an amount of A$30 billion ($31.3 billion) or 200 billion yuan.
    In the first quarter of 2012, bilateral currency swaps worth of 435 billion yuan ($69 billion) were signed between China
    and foreign central banks, taking the total outstanding amount to 1,651.2 billion yuan ($262 billion).
    With recent developments and other plans in the works, China seems to have a good chance of fully liberalising its
    capital account before its goal of 2020.


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