Much has been written recently in the European press regarding the internationalisation of the RMB and earlier this year, London announced that it was in talks with the Hong Kong Monetary Authority to explore London as a base for the offshore RMB trading platform in Europe. While the ongoing effort to expand further the scope for investments in offshore RMB products is undoubtedly exciting, much of the commentary has glossed over the key fact that the RMB is not a freely convertible currency.
In this alert we look back at the history and forward to the future of the offshore RMB market as well as highlighting some of the issues around investing in offshore RMB products.
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© 2012 White & Case LLP