Taiwan as an Offshore Centre for RMB
Date Issued
2014
Date
2014
Author(s)
Hsu, Hsin-Ying
Abstract
With RMB internationalization is attracting world attention, the main offshore centers (Hong Kong, London, Singapore) in the scale of the RMB business is more and more large. With 182.6 billion yuan in deposits by the end of 2013, and the largest trade surplus with China, Taiwan fits the bill for the offshore RMB clearing and trade settlement centre after Hong Kong.
Taipei, however, is not an international financial centre like Hong Kong, Ring-fencing the local RMB business by regulators out of national ego has led some financial market participants to prepare for the possibility of an Offshore Centre for RMB.
This thesis first discusses the process of RMB internationalization, definition and formation condition of international offshore financial center. Seconds, discusses the present situation of RMB business in Hong Kong, London and Singapore. Carries on the opportunity and challenge about the RMB business development in Taiwan.
This thesis argues that, The RMB cash pool in Taiwan has grown so fast and should have more RMB exit options. Such as Formosa bonds and RQFII. Moreover, Taiwan have to sign currency swap as soon as possible. Finally, Taiwan and China should remove national ego and cooperate on RMB business. It will be a great benefit to each other and the internationalization of the RMB.
Subjects
離岸中心
人民幣業務
人民幣國際化
Type
thesis
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