Deutsche Bank launches offshore renminbi electronic trading service

The bank forecast that the renminbi deposit in Hong Kong would increase to 500 billion yuan at the end of this year, with the renminbi rising at 3.5%-4% "Caixin Net" (trainee reporter Shangchong), Deutsche Bank announced February 22 that its global e-forex trading platform Autobahn FX launched offshore renminbi (CNH) trading services,　　Mainly for enterprises and institutional customers, the initial market is expected to have 25% of the volume through the platform to complete.　　Deutsche Bank, the first bank to provide offshore renminbi electronic trading services, is expected to boost the development of the renminbi's foreign exchange market and increase liquidity.　　Huangshan, head of Deutsche Bank's Asia electronic foreign exchange and fixed-income product, said the current dollar/offshore renminbi daily exchange rate continued to grow by nearly 0 per cent last June, up to $600 million trillion in spot trading daily, which is expected to reach $1 billion by the end of the year.　　Jens Scharff-hansen, co-head of Deutsche Bank's Asia foreign exchange, said the difference between onshore and offshore renminbi would be narrowed further as the amount of offshore trade settled and liquidity increased.　　Jens Scharff-hansen also said the bank expects the renminbi to rise between 3.5% and 4% in the year to 2011, with a conservative estimate that the renminbi deposits in Hong Kong will increase to 500 billion yuan by the end of the year. According to the Hong Kong HKMA, as of last December, the average monthly increase in renminbi deposits in Hong Kong amounted to $314.9 billion, and the volume of transactions was increased to 100.9 billion yuan by 12.6%.