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What does the offshore price of RMB mean?
FOB is a trade term, which means that the price of the goods after they leave the dock when you export is called FOB.

Offshore RMB business refers to RMB deposit business outside China.

Offshore market provides offshore financial services: businesses where both parties are non-residents are called offshore financial services.

At present, RMB settlement of cross-border trade is carried out under capital account, and RMB is not fully convertible. Renminbi flowing abroad through trade cannot enter the domestic capital market. In this case, in order to develop RMB trade settlement, it is necessary to solve the circulation and transaction problems of RMB flowing out of the country, so that enterprises holding RMB can melt out of RMB, enterprises needing RMB can integrate into RMB, and enterprises holding RMB can get corresponding benefits. This requires developing offshore RMB market and allowing RMB flowing out of the country to trade in the offshore RMB market. So that overseas enterprises holding RMB can finance, trade and make profits in this market.

The People's Bank of China supports the establishment of offshore RMB market in Hongkong. The People's Bank of China is also studying the possibility of establishing an offshore RMB market in Shanghai. Before RMB is fully convertible, there is a trading market where RMB flows out of the country, thus promoting and ensuring the development of RMB trade settlement. 20 1 1 After Senior Minister Goh Chok Tong of Singapore visited China in April, Singapore also formally joined the competition in the offshore RMB market.

To sum up, 20 10 is the formation stage of offshore RMB market. The main characteristics of this stage are: RMB flows out of the country for a long time and is included in a small amount by individuals; Products are mainly savings and fixed interest, which are basically market-driven; The motivation of income is mainly the expectation of RMB appreciation, and it begins to change to fixed income.

At the same time, the market construction is in full swing, starting from the free circulation abroad, and starting the initial preparation of RMB entering the whole market.

Starting from 20 1 1, we hope that policy makers can gradually reach a consensus on the development path and start to push the offshore RMB market into the fast lane of growth. The most outstanding performance of the fast lane is:

First, the scale and diversification of RMB overseas products and the rise of income curve;

Second, the initiative and enthusiasm of RMB outflow and return policies and measures have been greatly enhanced;

Third, the secondary market transactions of RMB products have increased substantially.