Renminbi deposits in Hong Kong will exceed 1 trillion yuan by the end of this year as prospects for the currency’s appreciation encourage corporates and individuals to hold yuan, Standard Chartered Plc. (02888.HK) senior economist Kelvin Lau said Tuesday.
Onshore renminbi may rise to 6.03 per US dollar and its offshore variety to 6.01 by year-end, Lau said. Renminbi savings in Hong Kong reached 827 billion yuan in November, according to official data.
Meanwhile, a StanChart index tracking the globalization of the renminbi rose 6.1 percent to 1,301 in November from the previous month on the back of rising deposits in Singapore, Hong Kong and Taiwan. The gauge, which measures yuan-denominated savings, bonds, trade settlement and other forex activities, jumped 78.9 percent from a year earlier. The index’s baseline of 100 reflects levels on Dec. 31, 2010.
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