China plans to allow investors to channel renminbi deposits held offshore back into capital markets on the mainland, opening a new route for investors through the country's strict capital controls.
The scheme, part of Beijing's drive to encourage greater use of the renminbi in international transactions, could be launched on a trial basis this year or in early 2011.
As the Chinese currency takes on a bigger role in global trade, offshore renminbi deposits are expected to accumulate quickly. There are about Rmb80bn ($12bn) of renminbi deposits in Hong Kong, but few options to invest them outside a handful of renminbi-denominated bonds.
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