In 2012, China widened the currency’s floating band. In addition, over the last few years, the scope for cross-border investment flows has been enlarged through the setting-up of a number of investment schemes open to institutional investors. We are still in the early stages of this internationalisation, but it’s a process that is rapidly moving forward.
The banking institutions have no other alternative but to scrape at the bottom of the barrel to bring people on board to meet their rapidly growing demands.