Hong Kong will start setting a daily benchmark price for the renminbi against the dollar next week, boosting the fast-growing offshore market in the Chinese currency.
Market participants have been pushing for a daily fixing rate for the renminbi since last summer when the Chinese currency became freely tradable in Hong Kong following landmark reforms.
The Treasury Markets Association, a body of market participants in Hong Kong, will from Monday provide a daily fixing for the renminbi’s spot exchange rate against the dollar.
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