The RMB is the eight-most traded currency in the world with a 1.49% market share in August 2013, according to the
latest SWIFT figures report.
China Foreign Exchange Trade Center states that in 2006, the interbank foreign exchange market totaled
$75.69billion, and by 2012 Yuan foreign exchange spot transactions amounted to $3.36trillion, a 40-fold increase
during the past seven years. Beside mainland China and Hong Kong, London is cementing its place as a global hub
for offshore renminbi trading, as new market players drive a rapid rise in international trading of the Chinese currency.
Meanwhile, China is going to further internationalize its currency by allowing Singapore-based investors to buy
renminbi-denominated securities, paving the way for direct trading between the two countries? currencies.
China has established a number of special economic zones since Shenzhen in 1980 with a focus on manufacturing.
The Shanghai pilot free trade zone (FTZ), approved for establishment on 29 September 2013, has a focus on
services ranging from shipping and financial services to cultural services. Furthermore, as the gateway to China, it is
a natural center for the offshore trading of Yuan.
?Although details of the FTZ are yet to be finalized, to promote cross-border RMB usage in the zone is the most
important task. We think the zone will remain fairly closed, financially, to the wider mainland economy, at least initially,
and we expect part of the FX business in the FTZ to take the form of offshore renminbi business.? said by Louis
KUIJS, Chief China Economist, RBS.
Amongst such a context, China Forex Investment Summit 2014 (CFIS 2014) will be held during 19?20 June 2014 in
Shanghai, China. Now, CDMC Events sincerely invites you to attend the premier event to get together with global
leading players at the high-end interviews and dialogues, focusing on the hot topics such as RMB internationalization
and free settlement under the context of Shanghai FTZ, the