Purists would have that an exchange rate is much like a woman: just as she can’t be half-pregnant, a currency cannot get very far when only half-convertible.
Beijing is now doing its darndest to disprove this truism – well, at least the latter part of it. With its carefully scripted internationalisation of the renminbi, China is expanding the convertibility of the renminbi in increments. And for now, it has been hugely successful in attracting sustained interest from investors.
Some jaw-dropping forecasts from Deutsche Bank highlight the potential for continued explosive growth of the offshore renminbi market, despite the barriers and the red tape that still stymie the free flow of the currency across China’s borders.
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