China focus: Renminbi internationalisation

If you are a treasurer or financial controller, you should be taking a step back from all of the hullabaloo surrounding the rapid development of offshore Hong Kong renminbi, or CNH in bankers’ parlance, and you should be asking yourself what does it mean for my company

That is because for financial officers who operate in the unforgiving world of numbers and the bottom line, the currency represents a step into the unknown.

While you might understand the implications of renminbi reform as it stands today, you should anticipate further reforms from the mainland Chinese authorities. The introduction of onshore FX options this April, for example, is...