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The Chinese Yuan

1. [verwijderd] 26 februari 2008 17:22

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   quote:

   neilgaiman schreef:

   Mijn tip horen jullie als ik daadwerkelijk tot aanschaf ben overgegaan ;)
   

   er is maar één soort bedrijven dat volle bak van de stijging van de Yuan profiteerd, dat zijn de bedrijven in Hong Kong met als grootste afzetmarkt China, die bedrijven noemt men de Red Chips.
   
   De Red Chips zijn genoteerd en opereren in Hong Kong Dollar.
2. [verwijderd] 10 april 2008 14:53

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   China's yuan breaks 7 mark against USD
   2008-04-09 18:34:27 Xinhua English
   
   
   BEIJING, April 10 (Xinhua) -- Chinese currency, the yuan, was set to trade at 6.9920 yuan against one U.S. dollar on Thursday, the first time for it to breach the 7-yuan mark against the dollar since the country de-pegged its currency from the dollar in 2005.
   
   Following an overnight fall of the dollar, the central parity rate of the yuan, or Renminbi (RMB), gained 105 basis points to 6.9920 yuan against the dollar on Thursday, according to the China Foreign Exchange Trading System.
   
   The yuan has gained 4.47 percent so far this year based on Thursday's trading price, or 15.99 percent since a new currency regime was imposed in July 2005 to revalue the currency at 8.11 yuan against the dollar in a one-off manner and de-peg it from the dollar.
   
   The yuan breaks the 8-yuan mark on May 15, 2006.
   
3. [verwijderd] 21 juli 2008 03:03

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   Mainland China leads Hong Kong in war on inflation
   Commentary: China shows signs of price-fighting progress while problems bubble under in Hong Kong
   
   By Craig Stephen
   
   Last update: 4:00 p.m. EDT July 20, 2008HONG KONG
   
   (MarketWatch) -- Rising prices remained center stage as the International Monetary Fund called for governments in emerging markets to keep the fight against inflation as their top priority. New data suggest China is making some progress here, while in Hong Kong, the government has belatedly gotten the inflation Band-Aids out as its popularity plummets.
   China's policymakers will be heartened its myriad inflation-busting measures appear to be making some headway, as consumer prices again eased to 7.1% last month. It was not all good news, however, with factory gate prices accelerating to 8.8% in June, but it was still enough to impress some analysts.
   ABN Bank now sees a more stable monetary environment post-Olympics -- read "slower yuan appreciation and no further rate hikes."
   While that should be more favorable for equities, last week we were also reminded spiraling commodity prices can flatten corporate profits. Three H-shares issued profit warnings, with both Yizheng Chemical and Shanghai Petrochemical expecting a loss, and Sinopec a 50% drop in the bottom line. All appear to have been tripped up by prices hikes, having to eat surging input costs and sell in a controlled domestic-pricing market.
   Inflation has also come to the forefront in Hong Kong, prompting an unexpected $11 billion handout package to take some of the sting out of rising prices and stop the local population from revolting.
   The government typically says its adherence to free-market principals means it leaves prices alone, never mind the discomfort they cause. But now, with hefty prices increases from China as its currency climbs against the Hong Kong dollar and fuel costs surging, the pain of inflation is hitting home, and the government has acted.
   The package included a doubling of the annual subsidy to HK$3,600 per household for electricity and two months' free rent for those in public housing. Hong Kong Electric (HK:6: news, chart, profile) and China Light and Power will be pleased (although their earnings are guaranteed anyway under a scheme of control), but this is hardly going to encourage energy conservation.
   While few will look this gift horse in the mouth, the emergency measure has brought into focus the government's suspect management of Hong Kong's economy.
   Earlier this year, with the whole world on inflation watch, it was questioned in some quarters whether an expansionary HK$140 billion giveaway budget was wise. Now more money needs to be spent to relieve the "feel bad" effect of higher prices.
   Admittedly the government's hands are tied somewhat fighting inflation due to the Hong Kong dollar's peg, meaning it cannot raise interest rates or let the currency appreciate.
   But you also have to question whether there really is a desire to curb price rises.
   There is a clear vested interest in maintaining a cycle of higher asset prices in Hong Kong, irrespective of the secondary inflationary effects. This boosts government land-sale revenues and the politically powerful property developers' margins and profits.
   The measures might provide a short-term boost to Chief Executive Donald Tsang's approval ratings, which have now plummeted below 50%. His performance has not gone unnoticed in Beijing it appears. Earlier this month Tsang received a ticking-off from China's Vice-President Xi Jinping, widely seen as a successor to President Hu Jintao, during a visit to Hong Kong. Xi told the Hong Kong leader to "govern sensibly and reasonably."
   Exactly what he was referring to is unclear as there are a few obvious areas for improvement. Take for instance Tsang's mishandling of new political appointees when he initially chose not to divulge salaries of US$20,000-30,000 a month or whether the appointees still held foreign passports.
   On the same pages of newspapers, we read how the government continues to drag its feet, pushing through a statutory minimum wage, even though the hourly rate proposed is still in the region of HK$30, or less than US$4.
   The other policy that could help the fight against prices rises on the supply side would be to move faster on introducing a competition policy which might break up the two big tycoon-controlled supermarkets.
   One of the most common gripes about living in Hong Kong is that the only choice is the tired-looking and over priced supermarkets run by Hutchison Whampoa and Jardine Matheson.
   This all makes Tsang's recently stated goal of increasing Hong Kong's population from 7 million to 10 million look like pie in the sky. The way things are developing, more people are likely to leak over the border to neighboring Shenzhen, where they can at least afford to live and eat.
   Hong Kong will have legislative elections in September, and it will be worth watching how the pro-government camp performs. While inflation is causing government's problems the world over, Tsang faces the additional challenge of managing a population who does not get the cathartic release of voting their leader out of office.
   Meanwhile, if inflation cannot be managed better, watch out for pressure increasing to drop the Hong Kong dollar peg. That would provide a reason to be in low-yielding Hong Kong dollar assets.
4. [verwijderd] 21 juli 2008 10:29

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   @the artist
   Je zult hem wel kennen, anderen misschien niet, daarom onderstaand de USdollar/ChineseYuan converter:
   finance.yahoo.com/currency/convert?fr...
   
   gr.mineset
5. [verwijderd] 23 juli 2008 20:28

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   China onder druk om klim yuan te vertragen
   
   China staat onder toenemende druk om de stijging van zijn munt af te remmen. De aanhoudende appreciatie van de yuan tegenover de dollar drukt het overschot op de handelsbalans en slaagt er niet in de inflatie terug te dringen.
   
   (tijd/reuters) - De yuan steeg de jongste drie jaar met ruim 20 procent tegenover de dollar. Dat is een gevolg van de loskoppeling van de Chinese munt op 21 juli 2005. In dezelfde periode steeg de yuan ook tegenover de Japanse yen, maar daalde hij ten opzichte van de euro. Analisten en bewindslui hebben echter vooral aandacht voor de verhouding tussen de yuan en de dollar.
   
   Er zijn steeds meer aanwijzingen dat de appreciatie van de yuan de Chinese ondernemingen pijn begint te doen. Recente cijfers over de buitenlandse handel tonen aan dat de groei van de uitvoer vertraagt, terwijl de stijging van de invoer versnelt.
   
   Daardoor verslechtert de handelsbalans. Het handelsoverschot zakte in het eerste halfjaar met 12 procent tot 99 miljard dollar. Het ziet ernaar uit dat het surplus op de handelsbalans in 2008 voor het eerst in vijf jaar zal verminderen.
   
   Economische groei
   De verslechtering van de handelsbalans weegt op de groei van de Chinese economie. De economische groei vertraagde in het tweede kwartaal tot 10,1 procent, het laagste peil in meer dan twee jaar.
   
   De versteviging van de yuan zou moeten helpen om de inflatie onder controle te houden. Maar het effect is voorlopig beperkt. De inflatie daalde weliswaar van 8,7 procent in februari tot 7,1 procent, maar ze blijft volgens de regering en de centrale bank veel te hoog.
   
   Steeds meer economen en overheidsfunctionarissen bepleiten een bijsturing van het wisselkoersbeleid om de stijging van de munt af te remmen. 'Het sleutelwoord van het wisselkoers- en rentebeleid is 'stabiel'', zegt Chen Dongqi, een hoge functionaris van de denktank van het overheidsagentschap voor economische planning. 'De yuan steeg snel en toch ontspoorde de inflatie. De negatieve gevolgen voor de uitvoer zijn goed zichtbaar.' De export van Chinees textiel groeit bijna niet meer.
   
   Een ander probleem zijn de minwaarden op de enorme Chinese deviezenreserves, signaleert Chen. 'Als Amerikaanse staatsobligaties een rendement bieden van 4 procent per jaar, lijden we grote verliezen als de yuan met 14 procent stijgt in een jaar.'
   
   John Lipsky, de nummer twee van het Internationaal Monetair Fonds, zei gisteren dat de Chinese munt nog steeds substantieel ondergewaardeerd is. Hij voegde eraan toe dat de euro overgewaardeerd is na zijn recente stijging en de dollar ongeveer correct gewaardeerd.
   
   WV
   18:13 - 23/07/2008
   
6. [verwijderd] 14 mei 2009 19:43

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   How the New ‘Yuan Carry Trade’ Will Add to China’s Global Muscle, and Possibly Even Accelerate the U.S. Recovery
   
   www.moneymorning.com/2009/05/14/yuan-...
   
   Institutional investors have talked a lot about the so-called “yen carry trade” over the past couple of years. But that’s really just been a warm-up act for a much bigger story.
   
   I’m talking about the “yuan carry trade.”
   
   You’re hearing about it here first. But I promise that you’ll soon be hearing about it virtually everywhere.
   
   Let me explain.
   
   China’s New Profit Catalyst
   Most investors are aware of China’s massive profit potential. But what they may not understand is this: Before all that potential can be transformed into actual profits, this Asian giant needs to develop a modern, fully functional financial system. That obviously can’t happen overnight, and China’s been smart - and avoided making major mistakes - by not rushing things.
   
   In fact, despite some stinging criticism from the West, Beijing has held its companies and its financial markets in check to ensure an orderly development. It’s even left some protectionist measures in place to make sure that opportunistic foreign firms don’t overrun its markets.
   
   Naturally, there’s been a near-term cost. It’s held some China-based companies back, making them less competitive in such developed markets as the United States and Europe. Chinese firms were severely limited in their access to funding, meaning they were also limited in their ability to capitalize on business opportunities in these overseas markets.
   
   But I could see that the long-term profit potential for these companies was huge - and I’ve repeatedly said so to the audiences that I’ve spoken to at events all around the world, or that I’ve written to via my columns here in Money Morning. In both venues, I’ve told listeners and readers that the day would come when these companies were able to raise enough investment capital at home to finance their forays abroad.
   
   The day that occurred, I’ve said, is the day when the real fireworks would begin.
   
   Beijing finally lit the fuse.
   
   By announcing the launch of a new market for dollar-denominated bonds that are issued by non-financial firms, China has now taken a major step toward modernizing its capital markets. The move hasn’t made much of a splash here in the United States. But I was in China, heading my annual investment tour of that country, when the announcement was made. And believe me when I tell you that China’s company executives, investors and government officials fully understand the implications of what’s just been done.
   
   The move is very shrewd, for it brings about the confluence of highly complimentary trends.
   
   For China-based companies that want to invest abroad, or that want to buy foreign companies, product lines, or other assets, these new dollar-denominated bonds will make it possible to do these deals more easily, and at a much lower cost.
   Beijing had already launched an official campaign that urges “Corporate China” to acquire overseas companies and assets. But there had to be a liberalization of the financial system for this to happen. So back in August, in fact, for the first time in 11 years, China’s government eased rules governing its foreign-exchange systems.
   These new regulations permit companies to retain foreign-exchange income offshore, if they want, and thus helped pave the way for the new bond market because it stokes potential demand for dollar-denominated investments.
   And that comes at a perfect time for - up until now - the ongoing global financial crisis, which has made Chinese investors wary of buying foreign-currency bonds that were issued outside China. But these dollar-denominated bonds will be created inside China, effectively short-circuiting that worry.
   Given what we know about China’s global natural-resource-acquisition ambitions, the first entrants into this new market will likely be one or more of China’s huge natural-resource concerns that are presently scouring the globe, creating captive supplies of the very commodities that will be necessary to ensure China’s future growth. My experience here suggests that high-tech and infrastructure companies will follow almost immediately. Many of those firms may head straight for Taiwan, thanks to newly inked agreements that make it easier for Mainland China companies to invest across the Taiwan Straits for the first time in decades. After that, these firms will direct their appetites for acquisitions elsewhere around the world.
   
   Just how big could this new dollar-denominated financing market turn out to be?
   
   At a time when Western debt markets remain mired in muck, it’s too soon to tell for certain. But Bank of China Ltd. analyst Shi Lei estimates that non-financial Chinese firms may issue as much as $30 billion during the next two quarters alone.
   
   That amount tallies closely with China’s estimated $23 billion pipeline of outbound mergers-and-acquisitions deals that have been announced this year, but not yet consummated - especially if you factor in the $9.7 billion worth of deals that were announced in the past three years, but that are still pending, Thomson Reuters reports.
   
   Could New Financing Deals Accelerate the U.S. Recovery?
   Many Americans will clearly view a big uptick in investments from China with significant fear - especially if they remember the late 1980s Japanese shopping spree that sent ownership of Rockefeller Center, Columbia Records, Universal Studios and the Pebble Beach Golf Course back to Tokyo.
   
   This is different. In fact, I think the new rules are likely to create entirely new funding sources that will boost international trade and that could actually accelerate the U.S. economy’s recovery from the global financial crisis. In fact, it’s entirely possible that this new form of financing will help facilitate a post-recovery golden age of expansion led by such as-yet unsaturated markets as China.
   
   Call it the “Mother of All Carry Trades” - only this time it will be yuan-based, instead of yen-based.
   
   A carry trade is an investing strategy in which an investor takes advantage of interest rate differences between two countries. He’ll borrow money in a country where rates are low and invest it in another market where rates are higher, profiting from the difference. The rate disparities are often caused by the respective central banks; one may be trying to combat inflation with high rates even as another is trying to nurture economic growth by reducing rates.
   
   There are no actual examples to point to, yet, since the market isn’t yet up and running, but we can draw some inferences based on who’s filed to issue this dollar-denominated debt, and look at who’s likely to file in the months to come.
   
   According to The China Daily News, China National Petroleum Corp., the Red Dragon’s biggest oil company, is planning to issue $3 billion in dollar-denominated bonds and is planning to auction as much as an additional $1 billion in three-year floating debt, whose rate will be tied to the London Interbank Offered Rate (LIBOR).
   
   Traders familiar with the new market suggest that CNPC will probably pay a coupon of 60 basis points to 80 basis points (0.60% to 0.80%) more than six-month LIBOR - a much lower cost than the 2.8% coupon for the $2.93 billion worth of yuan-based, three-year, fixed-rate, medium-term bills issued back in December.
   
   Last year, China’s yuan had appreciated s
7. [verwijderd] 14 mei 2009 20:59

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   Wellicht een aardige aanvulling op deze draad.....de werking van de Yuan vs Dollar -> China's Dollar peg.
   
   Je hoeft het met de conclusies in het stuk niet eens te zijn, maar wel aardig als je begrijpt hoe het werkt......wordt goed uitgelegd:
   www.learcapital.com/marketcommentary/...
   
   gr.mineset
8. [verwijderd] 16 mei 2009 16:52

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   Chinese Yuan Could Replace Dollar as the World Reserve Currency
   
   Nouriel Roubini thinks the Chinese Yuan Could Replace Dollar as the World Reserve Currency
   
   www.youtube.com/watch?v=qPCJx78YLcs
9. [verwijderd] 16 mei 2009 17:20

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   quote:

   The Artist schreef:

   Chinese Yuan Could Replace Dollar as the World Reserve Currency
   

   Over 25 jaar.
   
   Geen Youtube URL want Youtube filmpies bekijken is pure tijdverspilling. Tekst is nog altijd vele malen sneller en beter.
   
   Songtekst: The Ramblers - "Over 25 jaar"
   Zij waren pas enkele uren een paar
   Ze fluisteren zachtjes en kusten elkaar
   De bruidegom voorspelde zijn bruid met een lach
   Hoe hij de toekomst zag
   
   Over 25 jaar zal ik jou nog steeds beminnen
   Ook al hebben wij grijs haar
   Want we blijven jong van binnen
   Over 25 jaar komen wij met onze kinderen
   Voor een feest bij elkaar als het zilveren paar
   Over 25 jaar
   
   De blijde voorspelling kwam werkelijk uit
   Zij werden de zilveren bruidegom en bruid
   De man gaf zijn bruidje een klinkende zoen
   En zei precies als toen
   
   Over 25 jaar zal ik jou nog steeds beminnen
   Ook al hebben wij grijs haar
   Want we blijven jong van binnen
   Over 25 jaar komen wij met onze kinderen
   Voor een feest bij elkaar als het gouden paar
   Over 25 jaar
   
   Over 25 jaar komen wij met onze kinderen
   Voor een feest bij elkaar als het gouden paar
   Over 25 jaar, over 25 jaar...
   
   
10. [verwijderd] 16 mei 2009 18:58

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    ken je the year 2525 ook?
11. [verwijderd] 16 mei 2009 19:40

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    quote:

    arjan k schreef:

    ken je the year 2525 ook?
    

    (Denk niet dat het zo lang zal duren)
    
    U vraagt, wij draaien:
    
    Artiest Titel
    Zager & Evans In The Year 2525
    
    In the year 2525
    If man is still alive
    If woman can survive
    They may find
    
    In the year 3535
    Ain't gonna need to tell the truth, tell no lies
    Everything you think, do, or say
    Is in the pill you took today
    
    In the year 4545
    Ain't gonna need your teeth, won't need your eyes
    You won't find a thing to do
    Nobody's gonna look at you
    
    In the year 5555
    Your arms are hanging limp at your sides
    Your legs not nothing to do
    Some machine is doing that for you
    
    In the year 6565
    Ain't gonna need no husband, won't need no wife
    You'll pick your son, pick your daughter too
    From the bottom of a long black tube
    
    In the year 7510
    If God's a-comin' he ought to make it by then
    Maybe he'll look around himself and say
    Guess it's time for the Judgement day
    
    In the year 8510
    God's gonna shake his mighty head
    He'll either say I'm pleased where man has been
    Or tear it down and start again
    
    In the year 9595
    I'm kinda wondering if man's gonna be alive
    He's taken everything this old earth can give
    And he ain't put back nothing
    
    Now it's been 10,000 years
    Man has cried a billion tears
    For what he never knew
    Now man's reign is through
    But through the eternal night
    The twinkling of starlight
    So very far away
    Maybe it's only yesterday
    
    In the year 2525
    If man is still alive
    If woman can survive
    They may find
    
    In the year 3535
    Ain't gonna need to tell the truth, tell no lies
    Everything you think, do or say
    Is in the pill you took today ....(fading...)
    
    Provided by songteksten.nl
    
    
12. bartelx 17 mei 2009 08:02

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    Er zijn nog kapers op de kust!
    
    Rusland stelt roebel voor als reservemunt
    
    Rusland zal op de top van de G8-landen begin juli in Italië voorstellen om de eigen munt, de roebel, te gebruiken als internationale reservemunt, naar het voorbeeld van de dollar. Dat zei de Russische president Dmitri Medvedev.
    
    (belga) - "We denken na over de creatie van de fundamenten van een nieuwe financiële architectuur, een rechtvaardige architectuur", zei Medvedev na een ontmoeting met Silvio Berlusconi, de Italiaanse premier, in zijn woning in Barvikha, in de regio Moskou.
    
    Medvedev zei dat er over gesproken werd om enkele deviezen voldoende aantrekkelijk te maken om ze als reservemunt te introduceren en ze te gebruiken voor internationale handelstransacties.
    
    "In dat opzicht opperden we de mogelijkheid om de roebel te gebruiken", zei hij. "Wij geven dat idee niet op."
    
    De volgende top van de G8 (VS, Rusland, Duitsland, Japan, Frankrijk, Canada, Groot-Brittannië en Italië) vindt plaats van 8 tot 10 juli. Er zal vooral gefocust worden op de economische en financiële crisis.
    
    Medvedev en zijn mentor, premier Vladimir Poetin, zijn er al jaren voorstander van om van de roebel een internationale reservemunt te maken, zoals de dollar. Naast Rusland uit China meer en meer kritieke op het internationale monetaire systeem dat gedomineerd wordt door de dollar. China pleit ervoor om meer gebruik te maken van zijn munt, de renminbi.
    
    Rusland had al eerder voorgesteld om de roebel aan invloed te laten winnen op de top van de G20 in april in Londen, gewijd aan de wereldwijde financiële crisis. Toen werden die voorstellen niet echt enthousiast onthaald door het westen. Op de top werd er weinig over gesproken.
    
    19:33 - 16/05/2009 Copyright © De Tijd
13. [verwijderd] 17 mei 2009 09:59

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    quote:

    bartelx schreef:

    Rusland stelt roebel voor als reservemunt
    

    Kans dat we teruggaan naar de Gulden is vele malen groter dan dat de Roebel ooit De Reservemunt wordt.
    
    De Roebel reservemunt? Heeft Zimbabwe dat nog niet geclaimd?
    
    
14. bartelx 17 mei 2009 10:30

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    Over de betrouwbaarheid van de Russen is het laatste ook nog niet gezegd (cf. gasperikelen van afgelopen zomer).
    
    
15. bartelx 17 mei 2009 10:33

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    Eigenlijk moet Europa "the guts" hebben om de euro als reservemunt voor te stellen.
16. [verwijderd] 17 mei 2009 13:43

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    nou , voorlopig zijn ze van plan om de imf currency belangrijker te maken, en ze willen de chinese yuan en nog wat andere munten in de dollar-index opnemen dacht ik...
17. [verwijderd] 17 mei 2009 22:26

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    www.telegraph.co.uk/finance/comment/a...
    
    ""Let us not forget how we got here. Japan amassed a quarter trillion dollars of US bonds from January 2003 to March 2004 in a frantic effort to drive down the yen and stave off deflation. It has not yet won that battle. Producer prices fell to minus 3.8pc in April, a 22-year low.
    China's holdings of US bonds are a consequence of its own policy of holding down the yuan to boost exports. Beijing may rage about America's "helicopter" stimulus, but what would have happened to the factories of Guangdong if the Fed had not taken emergency action or if the US Treasury had allowed the banks to collapse? China wants it both ways.
    The world economy has long been running on fumes. The debt appetite of the Anglo-sphere and Club Med kept demand afloat, concealing excess capacity. The deformed interplay of Asia's Confucian model and Western consumption ran unchecked, until the imbalances blew up.
    Yet it is easier to blame Uncle Sam, subprime, and friendless bankers. A folk tale has captured political discourse everywhere, from Beijing, to Tokyo, Moscow, and Berlin. If they are foolish enough to act on this self-serving illusion, they will pay the higher price.""
18. [verwijderd] 18 mei 2009 15:08

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    HK may become yuan hub
    
    2009-05-18 03:42:06 GMT2009-05-18 11:42:06 (Beijing Time) China Daily
    
    Hong Kong's ambition to become an offshore yuan center is a step closer thanks to recent central government moves to expand the yuan's international role.
    
    Among the most significant moves is an announcement by the State Council (China's Cabinet) early last month that exporters and importers in five mainland cities will be able to settle their cross-border trade deals in yuan under a pilot program.
    
    The five cities include Shanghai in the Yangtze River Delta and Guangzhou, Shenzhen, Zhuhai and Dongguan in the Pearl River Delta. All have large numbers of export-oriented manufacturers in their surrounding regions and will initially likely only involve deals with the special administrative regions of Hong Kong and Macao.
    
    No timetables for, or details of, the program have been made available.
    
    But signs indicate the scheme could be implemented soon.
    
    Li Feng, Shenzhen's deputy major, told Hong Kong reporters earlier last week that the city authority had chosen 100 import and export firms to participate in the pilot scheme.
    
    He said he expects the Guangdong provincial government to approve the list soon.
    
    Tu Guangshao, a Shanghai vice-mayor, also told media late last month that the city was selecting its first batch of companies to participate in the scheme.
    
    The move to allow yuan settlement in cross-border trade will strengthen Hong Kong's role as a financial gateway to the mainland, Hong Kong's Secretary of Financial Services and the Treasury Chan Ka-keung said.
    
    "Both our financial industry and trade between the two places will benefit immensely from this breakthrough," he said.
    
    Analysts were uncertain on whether the move was intended primarily to help Hong Kong become an offshore yuan hub.
    
    "I can't really speculate what the central government's ultimate intention is. It may not necessarily be intended to help Hong Kong become an offshore yuan hub. But it will be a breakthrough to that effect," said Irina Fan, a senior economist at Hang Seng Bank.
    
    China's rapid growth and the scale of its economy naturally demand a bigger role for the yuan in the international arena, she said.
    
    Yuan settlement for cross-border trade in Hong Kong would likely lead to other services such as yuan lending, issuing yuan bonds and yuan investment assets in the special administrative region, she said.
    
    Hong Kong will enjoy a "first-mover advantage", although the central government may allow yuan settlement in trade with bordering Asian markets, such as ASEAN countries, effectively making them "first movers" too, the economist said.
    
    "But Hong Kong would retain an edge over those countries, in terms of having a mature financial market and financial expertise," she added.
    
    "The move will push Hong Kong a step closer to develop into an offshore yuan hub," said Paul Tang, chief economist at Bank of East Asia.
    
    Tang said the arrangement intends not only to make Hong Kong an offshore yuan hub but also to help open up the mainland's financial system.
    
    The ultimate intention of the move is to boost the role of the yuan in the international monetary system, said Frances Cheung, an economist at Standard Chartered Bank.
    
    "Turning Hong Kong into a offshore yuan hub is just a side effect," she said.
    
    Hong Kong is the only offshore market that is allowed to issue yuan bonds, which helps its drive to become an offshore yuan center, she said.
    
    How fast Hong Kong develops into an offshore yuan center will depend on the pace at which the central government expands the role of the yuan, said economists.
    
    Signs are encouraging in this aspect, according to some observers.
    
    In a meeting with Hong Kong's Chief Executive Donald Tsang last month, Premier Wen Jiabao said the central government will try to expand Hong Kong's yuan bond market.
    
    Mainland units of Hong Kong banks will soon be allowed to issue yuan bonds in the administrative region and the Ministry of Finance is considering issuing yuan bonds in Hong Kong, the Premier said.
    
    The central government is also studying a proposal to extend financial aid to developing countries in yuan instead of in US dollars, according to a report by the South China Morning Post.
    
    China will then allow beneficiary nations to trade yuan reserves in Hong Kong (if they do not use up all the aid) to buy Chinese products, the report said, quoting unidentified sources.
    
    The move, if it materializes, will boost Hong Kong's chances of becoming an offshore yuan hub, Standard Chartered Bank's Cheung said.
    
    Economists said the central government, at some point in the future, will likely announce other measures to boost yuan use in Hong Kong such as allowing yuan lending and developing yuan-based assets other than yuan bonds.
    
19. [verwijderd] 18 mei 2009 18:18

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    artist word de hong kong dollar afgeschaft huh?
20. [verwijderd] 18 mei 2009 18:51

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    quote:

    arjan k schreef:

    artist word de hong kong dollar afgeschaft huh?
    

    Nee, HK$ blijft, maar zal wel de waarde van de yuan moeten volgen in de toekomst.