FX Week

HK yuan centre unlikely in near-term

"There were suggestions that [the creation of an offshore yuan centre] could happen as soon as the end of this year," said Tai Hui, global markets economist at Standard Chartered Bank in Hong Kong. "But that was rather optimistic because it involves a large amount of research and design, and policy implementation from China. The end of 2003 is looking quite ambitious – 2004 is more likely."

Local media reported in late August that China was looking into setting up such a market to reduce curr