Mechanics of RMB internationalization
Also, I'm having trouble to register for the yearly subscription. The answer I keep getting is: No such plan: 'yearly70usd'.
Plumbing question: When the PBoC holds US Tbills, the custody of the asset remains in the us? Moreover, for any foreign bank to hold domestic reserves (or domestic assets for that matter), it must have a local branch for custody issues, right? For example, i'm assuming that in order to hold usd reserves (or us bills) a brazilian bank must have a branch in the us. I'm struggling with how any original issuer (fed or treasury) keeps track on their liabilities once they "leave" the country.
Hmm. If they both issue deposits against CNY reserves at the PBOC, what's the key difference between the offshore bank and the onshore bank?