Why could the internationalization of RMB and its non convertibility make Hong Kong a RMB offshore center?

- "Chinese currency is wanted to be internationalized in long term horizon. However, it will remain unconvertible for a long time. The key solution in this context is to develop a RMB offshore center as intermediate step. The need of such a center could be also pragmatic in short and medium term. Hong Kong would be the natural candidate. Deeper RMB businesses will be developed quickly in Hong Kong in response to Chinese RMB internationalization promotion program."

Natixis Special Report 180 20100908

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