Timeline

Path to globalization

June 2007

The first renminbi bond issue launched in Hong Kong. Many lenders from the Chinese mainland follow suit by issuing two-year or three-year yuan bonds, thereby enriching the renminbi investment channels in Hong Kong.

July 10, 2008

State Council clears People's Bank of China proposals, and sets up an exchange rate department, whose functions include developing renminbi offshore market in accordance with the process of the internationalization of the renminbi.

July 2009

PBOC and five other ministries and commissions jointly issue the Administrative Measures for Pilot Program of Renminbi Settlement in Cross-border Trade.

June 2010

PBOC and five other ministries and commissions jointly issue notifications for expansion of the pilot program on cross-border trade settlements in renminbi. The plans also cover renminbi trade settlement expansion to 20 municipalities, provinces and autonomous regions from coastal to inland areas. Area of overseas settlement expanded to all the nations and regions across the world.

August 2011

PBOC permits companies in 11 provinces, including Hebei and Shanxi, to conduct cross-border trade settlements in renminbi. With this, cross-border trade settlement facility in renminbi extended nationwide.

April 18, 2012

HSBC issues the first yuan bond in London for investors from Britain and continental Europe, with a total value of 1 billion yuan.

April 23, 2012

PBOC signs agreements with the World Bank for the latter to invest in China's interbank bond market on behalf of the International Bank for Reconstruction and Development.

June 12, 2012

PBOC and five other ministries and commissions jointly issue the Circular on Issues Concerning the Administration of Enterprises Settling Goods Export in Renminbi. All China-based enterprises with import and export qualifications allowed to settle their goods exports in renminbi.

Dec 27, 2012

PBOC announces interim measures for the administration of Qianhai Cross-Border Renminbi Loans, signifying the official launch of cross-border renminbi loan business in Qianhai zone of Shenzhen in Guangdong province.

June 2013

PBOC and the Bank of England sign a swap agreement valued at 200 billion yuan.

July 10, 2013

PBOC loosens control of cross-border renminbi flows under current and capital accounts, and allows domestic companies to approach domestic lenders for overseas yuan needs. The central bank also extends renminbi capital pool framework to multinational companies.

July 12, 2013

China increases quota for the qualified foreign institutional investor program to $150 billion from $80 billion. Pilot program for the renminbi qualified foreign institutional investor program to include Singapore and London, along with Hong Kong and Taiwan.

(China Daily Africa Weekly 08/02/2013 page1)