Shanghai Scraps Plan for Offshore Yuan Trading Hub

Hong Kong will remain the primary market for offshore trading of the yuan after Shanghai announced it will just develop focus on being an onshore centre, reports the South China Morning Post.

 

The Post explains that an offshore yuan trading centre allows non-Chinese firms, institutions and residents to actively trade the currency and settle trade deals. Domestic firms and individuals conduct transactions in an  onshore centre.

 

At a finance forum attended by the Post, Hong Kong Financial Secretary John Tsang Chun-wah said that the offshore centre in Hong Kong and the onshore centre in Shanghai would work together to drive the globalisation of the yuan.

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