Offshore yuan centers on the up

In a little more than two years, the number of offshore yuan centers has multiplied, helping investors in more countries skip a step in their currency transactions when doing business with the Chinese mainland.

Offshore yuan centers in Singapore, Bangkok and Kuala Lumpur, along with planned centers in Seoul and Qatar, complement centers further afield in cities such as London, Zurich and Nairobi, which all facilitate the use of the yuan in global trade and finance.

There are now 14 offshore yuan centers globally and six of them are in Asia. Outside Hong Kong and Macao, in Asia there are centers in Taipei, Singapore, Kuala Lumpur and Bangkok, which joined the group in January. Negotiations are underway to make Seoul into one.