The rise of the renminbi appears inexorable. The Chinese currency hits fresh record highs on a regular basis, making the appeal of the “redback” as an investment clear.
China’s economy is in the ascendancy, and its currency will go with it.
Hong Kong is where China’s currency meets international investors – permanent residents in the city can open renminbi bank accounts, and buy up to HK$20,000 ($2,565) worth every day. Appetite looks robust – renminbi as a share of Hong Kong’s retail deposit base grew from 0.1 to about 5 per cent during 2010, according to the Monetary Authority, the city’s de facto central bank.
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