Central Banking

China unveils raft of reforms to liberalise the renminbi

renminbi-pic

Chinese regulators have released a range of reforms for the internationalisation of the renminbi (RMB), providing for greater movement of the currency between onshore and offshore markets.

The People's Bank of China (PBoC) last week announced the gross-in/gross-out arrangement for cross-border settlement, simplifying the process for corporates to get approval for using the currency in cross-border trade settlement.

According to Nathan Chow, a Hong Kong-based economist at Singapore bank DBS, the

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