Mike Rees (writing in the FT) notes the following about
Renminbi’s rapid rise:
“The exponential
growth of the renminbi as a trading currency – and of the offshore renminbi
market – continues to stun observers. Three years in, despite global headwinds,
and the scarcity of arbitrage opportunities as onshore and offshore rates have
converged, renminbi redenomination shows no sign of faltering. Trade in
renminbi in 2012 is on track for $425bn, up almost 30 per cent on 2011.”