| Abstract: | In September 2014, the offshore RMB market performed stably, and its main characteristics were as follows： the offshore RMB liquidity pool kept enlarging; CNH Hibor overnight went down sharply, and the 1W onshore-offshore interest rate spread was reversed; the offshore RMB bonds issued 26.4 billion yuan, a significant rise from August; the deliverable spot USD/CNH exchange rate in Hong Kong ended its decline and rallied, and the USD/CNH forward went up significantly, with a bigger spread between it and onshore deliverable forward rate; the trading of RMB futures in HKEx declined slightly, and the daily trading of RMB futures in CME continued to increase. |
