RMB & Capital Flows

The structural distinction between onshore renminbi trading and offshore renminbi markets, including liquidity, pricing and policy transmission.

The daily reference fixing around which the onshore renminbi trading framework operates.

The permitted onshore trading range around the central parity reference and its role in the managed exchange-rate framework.

A trade-weighted reference for viewing the renminbi against a basket rather than only against the U.S. dollar.

The funding and settlement conditions that shape CNH markets outside mainland China.

The banking and regulatory framework through which foreign-exchange receipts and payments interact with China’s domestic financial system.

The institutional framework surrounding China’s official foreign-exchange reserves, intervention capacity and external liquidity buffer.

The gradual expansion of renminbi use in trade, payments, reserves, offshore markets and cross-border securities activity.

The infrastructure and policy framework enabling renminbi settlement for eligible cross-border trade and financial transactions.

A framework governing aspects of cross-border financing capacity through macroprudential parameters rather than unrestricted capital mobility.