Regulatory Alerts2026-08-27
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Developments in RMB Internationalisation
Chinese authorities have signed over 40 bilateral swap lines and established offshore clearing banks, while 2022 reforms combined the regulation of RMB and foreign currency lending by placing a cap on banks' total foreign lending and adding a foreign exchange risk factor to loans issued in US dollars or other foreign currencies. Qualified Foreign Institutional Investor and Connect schemes quotas were removed, and eligible assets now include onshore interest rate swaps, Chinese Government Bond futures, and bond repurchase transactions, while the Hong Kong Monetary Authority introduced a medium-term RMB liquidity facility in early 2025. Offshore Chinese Government Bond futures trading began on 3 August 2026, and a pilot program permits six major Chinese banks to undertake CNH trading directly from the mainland within a quota.
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