Brasil e China no Reordenamento das Relações ... - Funag

china economic developments, prospects and lessons
Figure 1. Hong Kong RMB Deposits, 2004-11
Source: Hong Kong Monetary Authority Statistics: http://www.info.gov.hk/hkma/eng/
statistics/msb/attach/T030302.xls.
Beginning in the summer of 2009, as the mainland recovered from
the crisis, Beijing authorities gave limited permission to two mainland
locations, Shanghai and part of Guangdong Province, to use RMB
to settle their foreign trade, but only with Hong Kong and ASEAN
countries. This meant that mainland traders could denominate such
trade deals in RMB yuan and make payments to the foreign entities
in RMB yuan instead of dollars or euros or yen. By far the greatest
share of this business was conducted with Hong Kong businesses,
and by far the greatest share of the settlement business went through
the Hong Kong branch of the Bank of China. The initial response was
only a very slow increase in Hong Kong’s RMB deposits. But by the
middle of 2010, RMB trade settlement flows increased dramatically as
the settlement policy expanded. In the expansion, Beijing allowed not
just two but 20 domestic provincial-level locations to conduct RMBsettled
trade – and not only with Hong Kong and ASEAN, but with any
partner in the world. As a consequence, RMB bank deposits in Hong
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