chapter  5
Current situation and the future of the offshore RMB market
Pages 37

From late 2003, the establishing process of the Hong Kong offshore RMB market can be divided into three stages in general: the embryonic stage (late 2003-late 2008), the formative stage (early 2009-July 2011), and the overall construction stage (August 2011-present). Meanwhile, because the Hong Kong offshore RMB financial business is gradually becoming more difficult, the process of establishing the Hong Kong offshore RMB market has experienced the development of a series of offshore RMB businesses such as offshore RMB personal business, offshore RMB bond business, offshore RMB deposits and loans business, and offshore RMB product innovation. Besides, the establishment and development of the Hong Kong offshore RMB market is closely related to our government’s policies.