Rise of renminbi prompts central banks to open Asian offices

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Asia has emerged as the location of choice in recent decades for central banks looking to establish international offices.

Central banks have set up offices in both Hong Kong and Shanghai, but it is Singapore and Beijing that appear to be the favourites. A total of six central banks have offices in Beijing, including the Bank of Korea, which has offices in eight international locations – the most out of any central bank.

With the rise of the renminbi as an official reserve currency, a growing

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