offshore rmb express · 2020-03-06 · august, cnh depreciated to 7.194 on september 2. on...
TRANSCRIPT
Offshore RMB
Express Issue 68 ‧
Oct 2019
Contents
Part 3
Part 4
Part 1
Special Topic
Chart Book
Market Review
Part 2 Policy and Peers Updates 4
5
1
Editors：
Annie Cheung
Tel ：+852 2826 6192
Email : [email protected]
Matthew Leung
Tel：+852 3982 7177
Email: [email protected]
Sharon Tsang
Tel ：+852 2826 6763
Email: [email protected]
14
Market Review
Offshore RMB Express 1
I. CNH stabilized with the anticipation
of upcoming trade talk between China
and the US
Due to escalation of the trade war in
August, CNH depreciated to 7.194 on
September 2. On September 12, President
Trump announced the delay of raising tariffs
on USD 250 billion worth of Chinese goods
to October 15. In addition, Chinese officials
would travel to the US and resume trade talk
in October. In response to the news, CNH
appreciated to 7.0467 on September 13. On
September 17, National Bureau of Statistics
of China released economic data for August.
All three major economic indicators,
including industrial value-added, fixed asset
investment, and retail sales, continued their
softening trends. CNH depreciated to the 7.1
range afterwards. As of September 30, the
RMB’s central parity rate against the USD
closed at 7.0729, up by 0.21% from last
month. CNH closed at 7.141, up by 0.29%
MoM and down by 3.86% since the
beginning of the year. Meanwhile CNY
closed at 7.1484, up by 0.11% MoM and
down by 4.11% since the beginning of the
year.
The RMB will stay under pressure in the
short term. Market liquidity condition has yet
to be tightened, and there are neither
obvious short-selling in the foreign exchange
market, nor signs of investor panic. It is
expected that the Sino-US trade war will
continue in the near future, and the RMB
may experience more frequent and larger
two-way fluctuations. Nevertheless, the RMB
In September, the RMB’s exchange rate fluctuated between 7 and 7.2, the highest at
7.1940 and the lowest at 7.0467. On September 12, President Trump announced the delay of
raising tariffs on USD 250 billion worth of Chinese goods to October 15. CNH stabilized around
7.1 afterwards. The number of institutional investors participating in Bond Connect exceeded
1,300. The number of transactions exceeded 2,600, and the total transaction volume was close
to RMB 300 billion. The State Administration of Foreign Exchange announced abolishment of
QFII and RQFII investment quota limits. The Ministry of Finance issued RMB 5 billion
sovereign bonds on September 25. The People’s Bank of China (PBOC) issued RMB 10 billion
sovereign bills on the following day, and the oversubscription ratio exceeded 3.6 times.
Offshore RMB Market Developed
Steadily
Market Review
Offshore RMB Express 2
is also supported by a number of factors
such as adequate foreign exchange reserves
and effective management of financial risks,
etc. Therefore, the RMB is unlikely to
depreciate sharply.
In terms of CNH HIBOR, on September
30, the O/N, 1-week, and 3-month CNH
HIBOR rates were 2.612%, 2.906% and
3.347% respectively.
II. Offshore RMB business indicators
remained stable
By the end of August 2019, RMB
deposits in Hong Kong amounted to RMB
644.2 billion, up by 4.6% MoM and 4.2% YoY.
RMB loans outstanding in Hong Kong were
RMB 131.9 billion, up by 9.3% MoM and
10.4% YoY. The total remittance of RMB for
cross-border trade settlement was RMB
497.3billion, up by 9.1% MoM and 38% YoY.
RTGS turnover was RMB 23.7 trillion in
September 2019, down by 4.2% MoM. As of
September 2019, dim sum bond issuance
amounted to RMB 132.07 billion. As for other
offshore RMB markets, RMB deposits in
Taiwan totaled RMB 266.4 billion (including
negotiable certificates of deposit) as of
August 2019, up by 0.4% MoM.
According to SWIFT, RMB was the fifth
most actively used currency for domestic and
international payments by value in August
2019 with a share of 2.22%, increasing from
1.81% in July. RMB trails behind the
following currencies: USD, EUR, GBP and
JPY. RMB payments value increased by
15.3% compared to the previous month,
while other payment currencies decreased
by 5.9% in general.
III. Bond Connect transactions
remained active
By the end of September, a total of
1,311 institutional investors have enrolled in
the Bond Connect scheme. Italy has been
added this month as the 31st jurisdiction that
Bond Connect has covered globally. Bond
Connect had a total of 2,645 trades executed
in September, amounting to RMB 296.3
billion in terms of trading volume. The
average daily turnover was RMB 14.8 billion.
Global investors were net buyers of Chinese
bonds for RMB 15.5 billion. Policy financial
bonds, Chinese government bonds and
NCDs were still the focus of investors with
turnover of RMB 168.1 billion, RMB 83.9
billion, and RMB 33.4 billion respectively,
accounting for 56.7%, 28.3%, and 11.3% of
monthly trading volume. In terms of tenor,
bonds with maturity from 7 to 10 years were
the most popular, taking up 50.7% of the total
activities. Launched on September 25, global
investors can now access real-time indicative
prices from all Bond Connect dealers via the
Bloomberg terminal, increasing market
transparency and improving price discovery.
Market Review
Offshore RMB Express 3
IV. Steady progress of opening up in
domestic capital market with removal
of QFII and RQFII investment quota
limits
On September 10, the State
Administration of Foreign Exchange
announced the removal of investment quota
limits for Qualified Foreign Institutional
Investor (QFII) and Renminbi Qualified
Foreign Institutional Investor (RQFII)
schemes. This cancellation will make it more
convenient for overseas investors to
participate China’s domestic financial market,
facilitating China’s financial opening further.
The optimization of QFII system will lead to
an increase in onshore asset allocations by
foreign investors. The market investment
entities will be further diversified. The value
investing concept with a focus on the
medium and long-term strategic development
and fundamental research will be widespread.
The prospects of internationalization,
standardization, and maturity of China’s
capital markets are promising.
V. MOF and PBOC issued sovereign
bonds and bills in Hong Kong
On September 25, the Ministry of
Finance (MOF) successfully issued RMB 5
billion sovereign bonds in the Hong Kong
Special Administrative Region. Among them,
RMB 4.5 billion have been issued to
institutional investors, while RMB 0.5 billion
of bonds were sold to central banks and
monetary authorities outside of the Mainland.
2-year and 5-year bonds were issued, pricing
at 2.80% and 2.85%, respectively.
On September 26, PBOC announced
that it successfully issued RMB 10 billion bills
in Hong Kong, pricing at 2.89%. The
issuance was welcomed by the market. The
total number of bids exceeded RMB 36
billion, and was oversubscribed by 3.6 times.
The subscription mainly came from offshore
market institutional investors, including
commercial banks, funds, central banks,
international financial organizations, etc. The
central bank’s issuance of sovereign bills in
Hong Kong will help regulate the offshore
RMB market, guide expectations, and
stabilize the foreign exchange market.
Policy and Peers Updates
Offshore RMB Express 4
BOC was designated as the RMB Clearing
Bank in the Philippines On September 17, Bank of China (BOC) Manila Branch was designated as the RMB
Clearing Bank in the Philippines by the People’s Bank of China (PBOC). So far, BOC has
been designated as the RMB Clearing Banks in 13 countries and regions including Hong
Kong, Macao, Taiwan, Germany, France, Australia, Malaysia, Hungary, South Africa,
Zambia, the US, Japan, and the Philippines.
China scrapped QFII and RQFII investment quota limits
In order to further promote financial market opening, the State Administration of Foreign
Exchange announced the removal of Qualified Foreign Institutional Investor (QFII) and
Renminbi Qualified Foreign Institutional Investor (RQFII) investment quota limits on
September 10.
The schemes are one of the important systems of promoting China’s financial market
opening. More than 400 institutional investors coming from 31 countries and regions have
invested in China’s financial markets through QFII and RQFII, which were introduced in
2002 and 2011 respectively.
On September 25, the Ministry of Finance (MOF) issued RMB 5 billion sovereign
bonds in Hong Kong. Among RMB 5 billion, RMB 4.5 billion have been issued to
institutional investors. This included RMB 3.5 billion 2-year bonds and RMB 1 billion 5-
year bonds priced at 2.8% and 2.85% respectively. Another RMB 0.5 billion bonds have
been sold to central banks and monetary authorities outside of the Mainland, including
RMB 412 million 2-year bonds and RMB 88 million 5-year bonds at the same prices. The
PBOC issued RMB 10 billion 6-month bills the day after, pricing at 2.89%.
MOF and PBOC issued sovereign debts in Hong Kong
On September 30, the International Monetary Fund released data on the currency
composition of official foreign exchange reserves (COFER) for the quarter ending June
2019. The data showed that RMB holdings were USD 217.6 billion, accounting for 1.97%
of the total foreign reserves. It was the highest proportion since the IMF started to
identify RMB holdings separately in 2016.
The RMB’s share of global currency reserves hit record high
Special Topics
Offshore RMB Express
An Introduction to CNH-CNY Spread
Trends
5
This analysis serves as an introduction to the dynamics of the CNY (onshore) and CNH
(offshore) exchange rates. It may help to inform global investors who would like to hedge their
RMB exposure.
David Zhang, Senior Economist
CNH background
The CNH market was introduced in 2010
to facilitate RMB transactions outside of
mainland China. CNH is more volatile than
the CNY for four reasons. First, the CNH
market is much smaller than the CNY market,
and thus relatively less liquid. Second, CNH
transactions reflect the supply and demand
of global participants, not mainly those in
China. Third, CNH is not subject to a 2%
daily trading band against the daily Central
Parity Rate (set at 9:15am local time) like the
CNY. Fourth, CNH is traded non-stop
between 5am Monday and 5am Saturday,
while the CNY is only traded between
9:30am and 11:30pm on weekdays. Since
the CNY extended its trading hours from
4:30pm to 11:30pm only after January 2016,
we will begin the analysis from that time
period onward.
Intraday dynamics
As implied earlier, the CNH has
exhibited higher volatility (4.6% annualized
vs 4.0% for CNY since January 2016). A
case in point is August 13 at around 9:30am
New York time, when President Trump
announced a delay of the 10% tariff on
almost two thirds of USD 300 billion of
imports from China. The CNH appreciated
almost 1.3% instantaneously, while the CNY
only appreciated 0.4%, partly due to thin
liquidity during the extended trading session
(9:30am New York time corresponds to
9:30pm in China). However, the CNY did
appreciate about 0.3% more when the
market opened again at 9:30am the next
morning.
Special Topic
Offshore RMB Express 6
The CNH also fully reflects market-
moving news that the CNY misses during the
North America afternoon trading hours. A
recent example was August 1, when
President Trump announced a 10% tariff on
USD 300 billion of imports from China
around 1pm New York time. It caused an
almost instantaneous 0.9% move in the CNH.
The CNY, on the other hand, did not move
until 8.5 hours later, when it opened 0.6%
lower at 9:30am China time.
CNH-CNY spread trends since 2016
The CNH-CNY spread could be broken
down into four distinct periods since 2016.
Between January 2016 and the introduction
of the Countercyclical Factor (CCF) in May
2017, the CNH-CNY spread became as large
as 0.1366, indicating that the CNH was
weaker than the CNY by 2.1%. The longest
time it took for a deviation to converge back
to zero was almost 2 months. When the CCF
was implemented for the first time between
May 2017 and January 2018, the maximum
CNH-CNY spread almost halved to -0.0733,
but it was on the negative side. This is in line
with the sharp rise in CNH HIBOR around
June 2017, which made it harder to short the
CNH.
When the CCF was set to neutral
between January 2018 and August 2018, the
average CNH-CNY spread became slightly
negative, while the proportion of positive
spreads dropped to slightly less than half.
Such behavior means that the CNH was
stronger than the CNY on average, which is
in line with the market perception that the
RMB was in a slowly rising environment at
the time.
Special Topic
Offshore RMB Express 7
When the CCF was brought back as
Sino-US trade tensions escalated in August
2018, the average CNH-CNY spread
became positive once again. However,
neither the maximum positive spread nor the
maximum negative spread rose above those
during earlier periods. The longest time it
took the spread to converge to zero was
about 1 month, half as long as it took before
the introduction of the CCF. Furthermore,
the average CNH-CNY spread, especially
when CNH was stronger, has dropped since
the period before the CCF became active in
May 2017. Such stability may be evidenced
by the relatively stable short end of the CNH
HIBOR curve, which used to spike into
double digits until mid-2017.
Overall, the CNH-CNY spread has
gradually become more stable in both size
and volatility since 2016. This is partly
explained by the influence of the CCF, and
partly by increasing flows in both current and
capital accounts that help to limit
onshore/offshore arbitrage opportunities.
Special Topic
Offshore RMB Express 8
Jie Su, Senior Economist
The Development, Role, and
Influence of the Qualified Foreign
Institutional Investor System
I. QFII Process in China: Development
and Improvement
The opening of China's capital market is a
process of building a market system through
markets and internationalization, and is
constantly converging with international
regulations and rules. It is also a process that is
two-way, gradual, and within risk limits. QFII is
an important example of “bringing in”, and its
development has witnessed the whole process of
China's capital market opening from scratch to a
smooth and orderly state. To sort out the
historical context of the development of QFII in
China, the author divides it into four main stages:
1. Start and suspension (2002-2006). After
China’s stock market became the most dynamic
Asia-Pacific market in 10 years of development,
"Provisional Measures on Administration of
Domestic Securities Investments of Qualified
Foreign Institutional Investors (QFII)" was issued
in November of 2002. The initial limit was only
USD 4 billion. The following year, in July, QFII’s
first transaction was completed, and the system
was officially operational. In August of 2006,
relevant management measures were introduced,
along with the entry of retirement funds, charity
funds, endowment funds, trust companies, and
government funds. By the end of the year, due to
the USD 10 billion restrictions, QFII approval
was suspended.
As a way for a developing economy to attract foreign capital and open up capital markets at a
time when there’s no full currency convertibility and no open capital account, the Qualified Foreign
Institutional Investor (QFII) system was implemented in several emerging markets, first in Taiwan,
followed by Brazil, Thailand, South Korea, Malaysia, and India. China implemented QFII in
November of 2002. Recently, China announced the cancellation of QFII limits, the approval process
for individual institutions, and RQFII pilot countries (or regions), marking a new chapter in the
opening up of China’s capital markets.
Special Topic
Offshore RMB Express 9
2. Restart and innovation (2007-2011).
In October of 2007, QFII restarted new
approvals, and the year-end limit went up to
USD 30 billion. In September of 2009, QFII
investment foreign exchange regulations
were introduced, and the limit for single-
institutions was lifted to USD 1 billion. The
following year, China Securities Regulatory
Commission outlined principles for QFII
asset allocation distribution. In May of 2011,
QFIIs were allowed to participate in stock
index futures trading. In August, the RMB
Qualified Foreign Institutional Investor (RQFII)
system was licensed to pilot in Hong Kong
with an initial quota of RMB 70 billion. As a
product of China's unique institutional
innovation and RMB internationalization,
RQFII’s birth created new vitality for the
development of QFII.
3. Expansion and loosening in
parallel (2012-2017). QFII and RQFII total
quotas were increased to USD 80 billion and
RMB 200 billion respectively, in April and
December of 2012. Institutional stock
ownership limits rose from 20% to 30%. In
July of 2013, QFII quota rose to USD 150
billion. In 2016, upper limits for individual
institutions and QFII/RQFII equity allocation
ratios were removed, and the lock-up period
was shortened to 3 months from one year. In
2017, RQFII quota was expanded to RMB
500 billion.
4. Accelerated institutional
optimization (2018 to present). Since last
year, the QFII system has been upgraded
significantly. In June, the monthly remittance
limit and lock-up periods were cancelled at
the same time. Risk hedging arrangements
and the quota management process became
more optimized. After QFII quota was raised
to USD 300 billion in January and IMF
obtained RQFII qualification in March,
regulators proposed several reform ideas,
including merging QFII and RQFII, relaxing
access, streamlining application process,
shortening time constraints, expanding the
scope of investments, and optimizing fund
management and risk management. On this
basis, the elimination of the three major
restrictions of QFII can be described as a
matter of course.
II. The role of QFII: opening and
reform
In comparison to overseas experience,
the role of the QFII system is mainly focused
on these three aspects: introducing foreign
capital, regulating the market, and promoting
reform. The function of QFII in the China
market can also be observed from these
three aspects:
Special Topic
Offshore RMB Express 10
1. Foreign investors share China's
development dividend. After 16 years of
QFII operating in China, the growth of quota
usage has been slow and steady. From the
perspective of foreign capital inflows, the
participation of foreign investors in China's
capital markets continues to rise. In the stock
market, major global stock index companies
such as MSCI, FTSE Russell and S&P Dow
Jones have successively included mainland
A shares in their indices and increased their
weight, attracting more passive funds and
active funds to participate. According to
statistics, during the first half of this year,
foreign investment in A shares through Stock
Connect and QFII reached a total market
capitalization of RMB 1.65 trillion, accounting
for 2.82% of total market capitalization, a
record high.
In the bond market, foreign investment
continued to flow under the smooth operation
of Bond Connect and the inclusion of China’s
government and bank bonds into indices
from Bloomberg Barclays and JPMorgan
Chase. According to information from China
Central Depository & Clearing and Shanghai
Clearing House, as of this August, foreign
capital has increased its holdings of
mainland bonds for 18 consecutive months,
with a scale of RMB 2.0282 trillion, while the
proportion of overseas institutions in the
sovereign debt market has increased to 8%.
2. The healthy development of
financial markets in the Mainland. From
the perspective of liquidity, during the
operation of the QFII system, foreign capital
tends to maintain net inflow, especially in a
market downturn. From the perspective of
market structure, individual investors still
accounts for 80% of transactions. QFII, as an
important force for medium and long-term
strategic investment, plays an important role
in promoting the steady rise of institutional
investors.
From the perspective of listed company
governance, QFII emphasizes corporate
governance structure, dividends, and
medium and long-term investment returns,
prompting listed companies to regulate
management, improve business performance,
and emphasize sustainable development.
From the perspective of internationalization,
through the QFII scheme and other Connect
channels, Mainland market practitioners are
Special Topic
Offshore RMB Express 11
becoming familiar with overseas trading
methods, learning the management
experience, business model, and methods of
overseas institutions, while pushing relevant
institutional arrangements closer to
international standards. The correlation
between the A share market and the
international market has increased, fostering
a dynamic environment for innovative
development.
3. Comprehensively deepen financial
reform and opening up. The development
of QFII is complementary to the financial
reforms in the Mainland. Foreign investors
were allowed in 2001 to establish a joint-
venture securities company. In June of the
following year, the launch of M&A
transactions and joint-stock business created
a favorable policy environment for foreign
institutions to enter the A-share market. The
“Measures for the Administration of Strategic
Investment by Foreign Investors in Listed
Companies” issued in 2005 confirmed the
role of foreign capital as a medium- and long-
term strategic investor. Subsequently, the
Chinese government proceeded with a batch
of schemes, such as the Qualified Domestic
Institutional Investor (QDII) program,
Shanghai-Shenzhen-Hong Kong Stock
Connect, the CDR scheme, the Mutual
Recognition of Fund Scheme, and Shanghai-
London Stock Connect, which was launched
on June 17 this year. These measures were
all used to deepen the financial reform in the
Mainland following the QFII.
PBOC allowed central banks,
international financial institutions, and
sovereign wealth funds to enter the interbank
bond market in July 2015. Afterward, the
government increased the types of qualified
overseas investment institutions, broadened
the scope and variety of transactions, and
initiated the bond connect scheme. These
reforms would fasten the development of the
bond market. Since the beginning of this year,
the Mainland has successively announced
12 new measures for the opening up of the
banking and insurance industry and 11
financial opening-up measures,
accommodating foreign investment in the
Mainland.
With the continuous deepening of
financial reforms in the Mainland, capital
flows under capital and financial accounts
have contributed more and more to the
balance of cross-border capital flows. Among
them, the total value of cross-border
securities investment in 2018 was USD
213.7 billion, accounting for 25% of the total
amount under capital and financial accounts,
up 16 percentage points from 2002. It's more
and more important in the Chinese balance
of payment. Since the beginning of this year,
the balance of bank settlement and sales
(including foreign exchange receipts and
payments) for securities investment has
risen, and in August the net inflows were
close to RMB 90 billion. The reform of the
QFII system has become an essential part of
Special Topic
Offshore RMB Express 12
consolidating the achievements of financial
reform and promoting a new pattern of
comprehensive opening up.
III. Impact of New QFII Policy:
Prospects and Role of Hong Kong
After canceling the three restrictions of
QFII, the Chinese authorities indicated that
the next step would be a revision of existing
regulations to improve the convenience of
foreign investors' operation. At the same time,
they will adapt to the opening up, effectively
prevent cross-border capital flow risks, and
maintain economic and financial security.
Looking forward, the QFII reform will
undoubtedly be beneficial to China's capital
market in the long term and exert a dual
positive effect of attracting capital inflows and
improvement of the domestic system.
1. Impact and trends. In the short-term,
the support coming from the QFII reform for
the market would be relatively limited. First,
there are still a lot of remaining approvals
each year. For example, only 31% of the new
quota ($70 billion) added at the end of 2015
were used by the end of last year. By Q2
2019, foreign investors held A-shares worth
of about RMB 607.8 billion through QFII,
accounting for 78% and 29% of the approved
quota and total limit respectively. Thus, this
reform may not bring short-term capital
inflows. The second is that domestic factors
are the most critical factors in determining
the mainland A-share market. Foreign
capital’s role is more of a "follower" than of a
"leader." The last reason is the existence of
the Stock Connect Scheme, which can be an
alternative to the QFII program. For example,
Shanghai-Hong Kong and Shenzhen-Hong
Kong Stock Connect Schemes are better
than the QFII in terms of currency exchange,
fees, and convenience. Foreign investors
already using the Stock Connect Scheme are
expected to maintain the status quo. Bond
investors would make similar choices.
In the medium and long term, the
progress of the QFII system will lead to an
increase in onshore asset allocations by
foreign investors. The market investment
entities will be further diversified. The value
investing concept with a focus on the
medium and long-term strategic development
and fundamental research will be widespread.
The prospects of internationalization,
standardization, and maturity of the bond
market are promising. Some institutions
estimate that in the next ten years, the
annual foreign capital inflow will be in the
range of USD 100 to 200 billion. At the same
time, the attractiveness of RMB investment
products is bound to rise. Besides, QFII's 16
years of experience will also provide a model
for lifting restrictions on investment quota
with risk control. Other opening-up measures
will have room for further optimization.
Special Topic
Offshore RMB Express 13
Meanwhile, the Chinese government will
face a couple of problems with advancing
financial reforms. The risks stemming from
the inflow of foreign capital come first. The
authority also has to improve the
coordination between QFII and other reforms,
promote the integration of different
mechanisms in operation, and revamp QDII,
QDLP (Qualified Domestic Limited Partners),
QDIE (Qualified Domestic Investment
Enterprise) to further mutual openness.
2. Hong Kong's Role. As an
international financial center and an
experimental field for the opening of the
mainland capital market, Hong Kong has
played a leading role in the operation and
development of QFII and RQFII. As of the
end of August this year, Hong Kong was the
primary source of QFII's and RQFII's funds.
The RQII approval amount funding from
Hong Kong was USD 25.5 billion, accounting
for 22.5% of the total quota, while the RQII
approval amount registered in Hong Kong
was RMB 345.0 billion, accounting for 49.8%
of the total RQFII quota. Under the
background that the capital market in the
Mainland is not yet fully open, and financial
reform and opening up are moving forward,
Hong Kong will continue to play an essential
and unique role in the following three aspects.
First, it will continue to attract foreign
investors to invest in the Mainland through
Hong Kong with the advantages of free
access to funds, sharing the economic
development achievements of the Mainland;
second, it will assist with the progress of the
Stock and Bond Connect Schemes for the
opening-up of the mainland capital market;
and third, it will use the status of the world's
largest offshore RMB hub to continue to
support RMB internationalization.
Chart Book
Offshore RMB Express 14
Market Indicators
Hong Kong RMB Deposits (in RMB bn) RMB Cross-border Trade Settlement (RMB bn)
USD-CNH and USD-CNY Exchange Rates
Source: HKMA Source: HKMA
Source: Bloomberg
Chart Book
Offshore RMB Express 15
CNH HIBOR Fixing (%) Hong Kong Offshore RMB Bond Issuance (RMB bn)
CNH & CNY China Sovereign Curve (%, 27 Sep 2019)
FTSE-BOCHK Offshore RMB Bond Composite Index
Source: Bloomberg
Source: Bloomberg Source: Bloomberg
Source: BOCHK Global Market estimate
End of Sep:
End of Sep:
Chart Book
Offshore RMB Express 16
RMB Clearing Transaction Value (RMB tn)
SWIFT World payments currency ranking & market share
Source: HKICL
Source: SWIFT
October 2016
August 2019
40.55% USD #1
EUR 32.26% #2
GBP 7.61% #3
JPY 3.38% #4
2.22% CNY
EUR 32.06% #2
GBP 6.21% #3
JPY 3.61% #4
#5 1.82% #5 CAD
CNY #6 1.67%
USD #1 42.52%
1.76% #6
AUD
CAD
#7 1.57%
HKD #8 1.48%
Disclaimer: This report is for reference and information purposes only. It does not
reflect the views of Bank of China (Hong Kong) or constitute any investment advice.
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