Rapid rise in RMB deposits in HK drives optimism
The level of RMB deposits in Hong Kong leaped by Rmb60 billion in just over a month last year. HSBC Securities Services is among those excited about the emergence of a new asset class.
Surging renminbi deposits and rampant investor demand suggests 2011 will be a promising year for Hong Kong as it strives to develop as an offshore RMB centre, says HSBC Securities Services (HSS).
Ian Banks, Asia-Pacific head of HSS, points to a rapid increase in RMB products that have become available in the past few months alone.
The latest statistics from the Hong Kong Monetary Authority put the total for RMB deposits in the city at Rmb280 billion ($42 billion) at the end of Novembe…
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