A Study On The Development Of Offshore Financial Centers And Cross-border RMB Business

The internationalization of RMB is a long-term strategic decisions of ourgovernment. In this process, Hong Kong plays an important role as an offshore RMBcenter. In the short term, the internationalization of the RMB will not impact China’scommercial banks’ business immediately, but it will bring both opportunities andchallenges in the long term.Combined with the historical experience of currency internationalization and ourgovernment’s initiative, we believe that Chinese government should adhere to theprinciple of adaptability, initiative and gradually to promote the process of RMBinternationalization.The establish of RMB offshore center makes a huge opportunities forcommercial banks. According to researching the cross-border RMB business in acommercial bank, it has many problems such as development strategy, business focus,organization, infrastructure protection and other aspects of the existence of basicinstitutional problems. Our suggestion is making a scientific foresight strategy,actively promote the strategic layout of the network of overseas institutions; buildintegrated business platform to effectively integrate the various business lines andoverseas institutions; focus to enhance the level of professional management, andimprove pricing ability; strengthen risk management ability to promote theinternationalization of the RMB business.