The offshore RMB market’s future? As international financial centres compete for the status of offshore renminbi hub, some market participants fear a rise of transaction risk due to the currency's lack of a natural home. Trades between two US dollar-denominated accounts are cleared in New York while onshore renminbi trades are cleared via the China National Advanced Payment System. But offshore renminbi can be cleared in Hong Kong, Taiwan and Singapore. London and Frankfurt will also gain clearing capabilities soon.
