"In that sense, you do not have to worry about the non-convertibility of the renminbi because you can fund with offshore renminbi that is fully convertible. So [the offshore renminbi markets] are as good as those other fully convertible currencies in the world," said Mr Leung. He also believes renminbi traded in the onshore market could become convertible sooner than anyone expects, as increased activity in offshore renminbi markets provides the incentive. "I am not totally concerned by the inconvertibility of the renminbi because so long as the offshore renminbi markets can develop further and [grow] bigger, people can make use of the products offered by these offshore markets to do funding or hedging for their own investments." It is a big business in the future for all these new markets," Mr Leung added.

Source: Bangkok Post November 21, 2016 05:59 UTC