RMB internationalisation talk 'overblown'

Internationalisation of the renminbi has been overplayed and is happening at a far slower pace than most observers think, argues the global head of currency strategy at US custodian Brown Brothers Harriman. “For some reason Chinese officials have bought this idea that if China sells goods to Hong Kong, they count as exports, and when they are invoiced in HK dollars and converted into RMB that counts as internationalisation,” said Marc Chandler during a recent visit to Asia. Take…