CNH becoming de facto new currency in Hong Kong

The decoupling of offshore RMB (CNH) from its onshore counterpart (CNY) as Beijing keeps its capital account closed is creating conditions for CNH to become a currency in its own right.

Tim Condon: RMB views

Leanne Wang

January 27, 2011

Offshore renminbi (CNH) will decouple from its onshore counterpart (CNY) while Beijing keeps a closed capital account, ING Group’s chief economist, Tim Condon, told an audience in Singapore this week, effectively creating a new currency in Hong Kong.

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