RMB globalisation entering new phase: HSBC

Renminbi internationalisation is entering a new phase, with the currency no longer structurally undervalued and set to be more widely used for investment globally, argues a management trio at HSBC. Speaking at a press briefing in Hong Kong yesterday, Anita Fung, the bank’s Hong Kong chief executive, voiced her expectation that RMB appreciation would fall to 2% for 2012, against an annual average of 4.5% since the renminbi was first de-pegged from the US dollar in 2005. Fung sugg…