Hong Kong’s interbank market for renminbi is only six months old, but already a battle is raging.
On one side are the hedge funds and other foreign speculators who are convinced the Chinese currency will soar against the dollar in the coming months and years. Already hungry for renminbi, their appetite is growing.
On the other are the thousands of Chinese corporates that own subsidiaries in Hong Kong or other offshore jurisdictions, thereby straddling the mainland’s capital controls.
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