FX Week

Foreign Bankers Deny Move To Grant Access To Renminbi

BANKS

The Singapore daily Business Times created a tempest in a teapot over the holiday period with a report that China had finally granted access to the renminbi market to a selected group of five foreign banks.

The article, sourced from the Chinese paper, Shanghai Star, plus reports from Reuters and Bloomberg Business News, was apparently a bit premature, according to executives at some of the banks supposedly involved.

"There has been no change in the situation," says HSBC Holdings treasury direc