The world’s biggest banks have taken steps to protect themselves from the risk of a collapse of the offshore renminbi market in Hong Kong, allowing them to postpone payments and settle their transactions in US dollars in certain circumstances.
The moves signal that although bankers view the internationalisation of the Chinese currency as a big opportunity, they see a risk that the small but fast-growing offshore renminbi market could seize up.
While participants say the chance of a collapse is extremely low, bankers say a mechanism to settle trades in an emergency is essential.
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