Banking on the Renminbi

January 5, 2011 at 8:07 am

Global financial institutions have their eyes on a rich pie. At the end of November 2010, the total amount of renminbi deposits in Hong Kong reached Rmb279.6 billion (US$42.15 billion), according to the Hong Kong Monetary Authority (HKMA). That represents an increase of 29 per cent from October, and up 246 per cent, year-on-year. HKMA Chief Executive Norman Chan said Hong Kong’s renminbi market would continue to expand through 2011, in terms of the depth and breadth of the market and product development. He expects Hong Kong’s first-quarter quota for trade settlement to be about Rmb4 billion.

According to a recent Goldman Sachs report, the amount of renminbi deposits in Hong Kong will reach Rmb3.5 trillion in the next five years, accounting for 31.6 per cent of the total deposits in the Hong Kong banking system.

Banks building teams to prepare for this growth include the Hongkong and Shanghai Banking Corporation (HSBC), which has brought in Clyde Choi to be Head of Emerging Markets, Foreign Exchange (FX) Trading, HSBC Asia Pacific, based in Hong Kong. Mr Choi has more than 10 years’ experience in cross-asset class trading across FX and Rates. He was previously co-Head of Asian Macro Interest Rate and FX Trading in UBS Singapore. Gordon French, Head of Global Markets Asia Pacific, HSBC, said Mr Choi brings a wealth of experience to the bank’s foreign currency trading team, both regionally and globally.” Read More

Source: Hong Kong Trader, January 5, 2011

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Entry filed under: Asia, China.

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