Use of the RMB for settlement of cross-border trade has boosted the rapid growth of offshore RMB businesses. At present, an offshore RMB market with Hong Kong as the center has been formed. This article provides a summary of the status of offshore RMB markets, an analysis of challenges to be addressed, and predictions and countermeasures based on developments in the domestic financial market. Since the implementation of RMB settlements for cross-border trade, offshore RMB businesses have grown rapidly, and some new development trends have emerged, which require further analysis.
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