It refers to the deposit business outside China.
Businesses in which both parties are non-residents are referred to as offshore financial businesses.
The offshore market provides offshore financial services.
The People’s Bank of China supports the establishment of an offshore yuan market in Hong Kong.
The People’s Bank of China is also studying the possibility of establishing an offshore yuan market in Shanghai.
Before the RMB is fully convertible, an outbound RMB trading market can promote and guarantee the development of RMB trade settlement.
In April 2011, Singapore also officially joined the competition in the offshore RMB market after the visit of State Adviser Goh Chok Tong to China.
Hong Kong has the world’s most abundant offshore renminbi products and is the world’s largest offshore renminbi commercial center.
