Please update this article to reflect recent events or newly available information. This article needs to be updated. November 2014 embarked China upon ocbc bank forex rates next stage of internationalization.
In January 2015 Chinese Premier, Li Keqiang, announced a planned second Stock Connect linking Shenzhen and Hong Kong exchanges. Until the early years of the 21st century, the Renminbi was not fully convertible and its flow in and out of China faced heavy restrictions. Before 2004, yuan was not allowed outside of China. In 2004, China started to allow border trading in yuan especially in the Southern and Western border.
The dim sum bond market generally refers to RMB-denominated bonds issued in Hong Kong. 657 million were issued for the first time by China Development Bank. In June 2009, China allowed Financial Institutions in Hong Kong to issue dim sum bonds. Formosa bond after mainland banks became eligible. Guangdong province and Hong Kong and Macau. Hong Kong, Macau and ASEAN countries.
By 2014, RMB cross-border trade settlement reached RMB 5. On 17 August 2010, PBoC issued policy to allow Central Bank, RMB offshore Clearing Banks and offshore Participating Bank to invest the excess RMB in debt securities, in onshore Inter-bank Bond Market. In the first quarter of 2011, the Chinese Renminbi surpassed the Russian ruble in terms of international trading volume for the first time in history. In June 2013, United Kingdom became the first G-7 country to set up an official currency swap line with China. As of 2013, the RMB is the 8th most traded currency in the world. 20 billion by the end of 2013.