Banks scramble to offer renminbi products as Hong Kong gains offshore interbank status
The People's Bank of China (PBoC) and Bank of China Hong Kong (BOCHK) - the renminbi clearing bank - signed an agreement on July 19 to allow non-bank financial institutions to open renminbi accounts without limits with different Hong Kong banks.
Banks in Hong Kong launched different structured products the day after the agreement was signed. Standard Chartered said it will offer renminbi-denominated structured investments to both retail and wholesale clients. These renminbi-denominated principal
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