Breaking Down Offshore Fund Pool Barriers: Six Major Banks Directly Connect to Offshore Transactions, Central Bank Reshapes RMB Pricing Power
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China’s central bank is breaking down the physical and account barriers between the onshore and offshore RMB markets, reshaping the RMB exchange rate pricing power and liquidity management mechanism with unprecedented force.
Data from June 22 shows that the China Foreign Exchange Trade System (CFETS) has completed settlement of