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AmCham China invites you to a lunch presentation with Howard Chao and Andrew Hutton as they discuss their recent White Paper report on the internationalization of the RMB. The paper details the Chinese government's comprehensive step-by-step program to internationalize the RMB, encouraging its use in international trade and finance even while the RMB remains unconvertible for capital account transactions.
Chao and Hutton conclude that these steps are leading to eventual open convertibility and that the RMB will become one of the key currencies used in international finance, while Hong Kong already has been established as the world's primary offshore RMB financial center. The paper summarizes the exponential growth in the offshore RMB market in recent years and details the progressive introduction of measures by China and the Hong Kong Monetary Authority to increase the availability and use of offshore RMB in trade settlement transactions, the concurrent creation of new offshore RMB-denominated financial products including "dim sum" bonds, insurance products, "dim sum" loans, IPOs, derivatives and even gold contracts, and China's recent measures to allow the use of offshore RMB for foreign direct investment into China.