A currency exchange outlet in Hong Kong. CHINA DAILY
China will introduce a series of measures to deepen the development of the offshore renminbi market by enhancing liquidity, expanding the supply of RMB-denominated assets and strengthening connectivity with onshore markets.
The People's Bank of China, the nation's central bank, will continue to optimize relevant institutional arrangements, covering short, medium and long-term maturities, to provide stable and multitiered RMB — also called the yuan — liquidity support to the offshore market, said Xie Guangqi, director-general of the Monetary Policy Department of the PBOC.
Speaking at a news conference on Wednesday, Xie said the PBOC will guide the China Foreign Exchange Trade System to collaborate with the Hong Kong Monetary Authority and Hong Kong's Securities and Futures Commission to build a comprehensive financial trading platform that provides infrastructure services for trading in financial markets, including bonds, currencies and foreign exchange.
On July 7, the PBOC, the HKMA and the SFC jointly announced new measures to promote the offshore RMB (CNH) market's development in Hong Kong.
