Japan’s army of small investors will this month get their first taste of renminbi-denominated Chinese government bonds when Monex, the country’s largest online brokerage, becomes its first distributor of such debt.
Monex is betting that wealthy Japanese individuals will want to buy the three-year renminbi-denominated government debt it is offering, amid growing expectations that Beijing will allow its currency to appreciate over the next few years.
Société Générale estimates the renminbi will appreciate by 13 per cent from current levels over the next three to five years to Rmb5.75 against the dollar.
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