What is RMB offshore business

Offshore business refers to the business of depositing RMB outside China.

Hong Kong has the world’s richest product portfolio and is the world’s largest offshore renminbi business centre.

Generally speaking, the countries of the financial institutions can only be engaged in the domestic deposit and lending business, but after the second world war, all countries outside of the financial institutions engaged in its own currency deposit and other foreign currencies are rising, in some countries, the financial institutions therefore become the center of world foreign currency deposit, that specializes in foreign currency deposit and lending business called offshore financial activities.