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Global renminbi: metrics to monitor

The growth of offshore renminbi (CNH) deposits in Hong Kong is an important measure of renminbi’s evolution as a global currency, as well as a useful indicator of how market participants expect it to move vis-à-vis the US dollar. However, it is not the only metric to monitor.

16 December 2013

Gaining new heights: CNH deposits in Hong Kong

The quantity of offshore renminbi (CNH) deposits in Hong Kong has risen to new highs. This is partly due to easier liquidity conditions in mainland China and partly due to the general strength of renminbi.

04 November 2013

Hitting new heights: CNH deposits in Hong Kong

Offshore renminbi (CNH) deposits in Hong Kong rose to record high levels during August. This is partly the result of easier liquidity conditions in the mainland. It may well also be due to the People’s Bank of China’s new policy, which seeks strength, or at least stability, in renminbi vis-à-vis the US dollar.

01 October 2013

Slowing M2: impact on CNH deposits

The latest data shows that offshore renminbi (CNH) deposits in Hong Kong have been falling, as protagonists have repatriated funds to the mainland, where M2 growth has been slowing. Liquidity is likely to remain constrained in CNH markets in coming weeks.

02 September 2013

Renminbi: over the peak at last?

Renminbi has remained firm relative to the US dollar this year, and reached new highs towards the end of last week. Market participants indicate that they now expect the currency to weaken somewhat – which appears also to be what the People’s Bank of China would like. We agree with the currency bears. While it is not inconceivable that renminbi achieves new record highs vis-à-vis the US dollar in coming weeks, we think that it is more likely that the currency loses ground.

20 August 2013


An integrated research service from the Financial Times that provides premium, exclusive analysis and predictions on China investment themes.

Using a dedicated FT team of specialists in China and the UK, it taps Chinese sources from the grassroots to the political elite to forecast key trends and issues. It conducts proprietary research to supply its own insights into industry trends and consumer sentiment. By filtering the work of the best Chinese analysts and academics, it keeps you current on key debates as they unfold inside mainland China. Its broad aim is to help the professional investor navigate through the Chinese investment landscape.


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