Offshore yuan market 'vibrant' despite slowing deposits

    Updated: 2011-11-24 09:40

    By Wang Xiaotian (China Daily)

      Comments() Print Mail Large Medium  Small 分享按鈕 0

    BEIJING - Although growth of Hong Kong's yuan deposits has slowed, the offshore yuan market remains vibrant and overseas demand for the currency will keep rising, Norman Chan, chief executive of the Hong Kong Monetary Authority (HKMA), said on Wednesday.

    "Compared with last year, in 2011 some changes have taken place in regard to yuan flows in the offshore market, which will affect yuan deposits directly," Chan told reporters in Beijing.

    The ratio of yuan inflows to Hong Kong against outflows to the mainland had decreased to 0.8-to-1 as of the end of September, from 1.5-to-1 in the first half and 3-to-1 in 2010, he said, adding that the situation in October was almost the same.

    Analysts estimate that yuan deposits in Hong Kong might have dropped significantly last month because of declining trade volumes with the mainland and weakening prospects for the currency in the offshore market.

    "A decline of yuan deposits doesn't mean the offshore market will lose its strong expansion momentum as long as financial activities related to the currency remain vibrant," said Chan.

    Yuan deposits in Hong Kong rose from 320 billion yuan ($50.4 billion) at the end of 2010 to 620 billion yuan as of Sept 30, with about 70 percent coming from corporate clients.

    Yuan-denominated loans by Hong Kong commercial lenders surged to 19 billion yuan in September from 2 billion yuan at the start of the year.

    "A possible decline of yuan deposits in October would be a short-term phenomenon ... that will not affect the offshore market's prosperity in the long run", said Chen Daofu, policy research chief of the Financial Research Institute at the State Council's Development Research Center.

    But in the next few months, yuan deposits probably will not grow as rapidly as in the first half, Chen said.

    Chan predicted rising demand for the yuan in Hong Kong would continue amid tightened liquidity on the mainland, lower financing costs in Hong Kong and increased flow-back channels for the yuan.

    Starting in October, the authorities allowed foreign enterprises to use the Chinese currency to invest in the mainland.

    A financing firm for affordable housing construction, owned by the government of Hunan province, plans to borrow 10 billion yuan in Hong Kong, media reports have said.

    There is also an increasing trend for overseas lenders to use Hong Kong banks to serve their clients' yuan-related demand, said Chan, adding that major changes in the yuan investment channels might occur in the next one to two years.

    Vice-Premier Li Keqiang pledged in August to support Hong Kong as a key offshore yuan hub and encourage overseas companies to make direct investments in the mainland with the currency. He promised a 20 billion yuan QFII quota for Hong Kong companies to invest in mainland securities.

    Settlements through Hong Kong exceeded 1.3 trillion yuan in the first nine months of 2011, compared with 370 billion yuan for all of 2010, according to the HKMA.

    Offshore yuan-denomiated debt issues reached 92.6 billion yuan as of Oct 31, compared with 35.8 billion yuan last year.

    97久久精品无码一区二区| 免费中文字幕视频| 蜜桃AV无码免费看永久| 亚洲成在人线在线播放无码| 无码专区—VA亚洲V天堂| 中文字幕亚洲色图| 无码高清不卡| 无码人妻精品一区二区三区99仓本 | 精品人体无码一区二区三区 | 中文字幕久久精品| 国产 日韩 中文字幕 制服| 亚洲AV无码专区电影在线观看| 最近2018中文字幕在线高清下载| 日韩网红少妇无码视频香港| 最近中文2019字幕第二页| 波多野结衣中文字幕免费视频| 高清无码在线视频| 日日摸日日碰夜夜爽无码| 自慰无码一区二区三区| 国产中文在线亚洲精品官网| 亚洲中文字幕AV在天堂| 国产成人无码精品一区在线观看| 亚洲国产精品无码久久SM| 中文字幕精品一区二区三区视频| 日本中文字幕一区二区有码在线| 亚洲AV中文无码乱人伦在线视色| 精品无码国产一区二区三区51安 | 精品久久久久久无码专区不卡 | 永久免费av无码入口国语片| 最近完整中文字幕2019电影| 中文人妻av高清一区二区| 亚洲精品国产日韩无码AV永久免费网| 久久久久亚洲AV无码专区体验| 无码中文人妻视频2019| 东京热人妻无码一区二区av| 中文字幕在线免费看线人| 亚洲精品人成无码中文毛片| 最新中文字幕在线| 亚洲中文字幕视频国产| 日韩三级中文字幕| 亚洲自偷自偷偷色无码中文|