What about North America, and more importantly, Canada? Surprisingly, there is no such centre yet in the western hemisphere. Offshore settlement centres in neighbouring Hong Kong, Singapore and Taipei have been joined by Frankfurt and London where, in late March, their respective central banks signed agreements with China’s central bank to become RMB payment hubs. Both interest rates and the exchange rate are politically-determined.Ĭhange is accelerating, however, as the exchange rate becomes more flexible and increasing volumes of trade transactions are settled in renminbi. The bank-dominated financial system still lacks transparent and credible equity and bond markets. This advertisement has not loaded yet, but your article continues below.
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