Editing Renminbi (section)

===Use as a currency outside mainland China===
[[File:Chinese Yuan to Hong Kong Dollar exchange rate.webp|thumb|310px|
{{legend|#DE2910|Chinese Yuan / [[Hong Kong dollar|Hong Kong Dollar]] [[exchange rate]]|outline=#FFDE00}}
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The two [[Special Administrative Region of the People's Republic of China|special administrative regions]], [[Hong Kong]] and [[Macau]], have their own respective currencies, according to the "[[one country, two systems]]" principle and the [[basic law]]s of the two territories.<ref>{{cite web | date= 4 April 1990 | url= http://www.info.gov.hk/basic_law/fulltext/content0202.htm | title= The Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China | access-date= 23 March 2007 | quote= Article 18: National laws shall not be applied in the Hong Kong Special Administrative Region except for those listed in Annex III to this Law. | archive-date= 15 September 2008 | archive-url= https://web.archive.org/web/20080915174723/http://www.info.gov.hk/basic_law/fulltext/content0202.htm | url-status= live }}</ref><ref>{{cite web | date= 31 March 1993 | url= http://www.umac.mo/basiclaw/english/ch2.html | title= The Basic Law of the Macao Special Administrative Region of the People's Republic of China | access-date= 23 March 2007 | quote= Article 18: National laws shall not be applied in the Macao Special Administrative Region except for those listed in Annex m to this Law. | archive-date= 5 March 2007 | archive-url= https://web.archive.org/web/20070305125541/http://www.umac.mo/basiclaw/english/ch2.html }}</ref> Therefore, the [[Hong Kong dollar]] and the [[Macanese pataca]] remain the legal tenders in the two territories, and the renminbi, although sometimes accepted, is not legal tender. Banks in Hong Kong allow people to maintain accounts in RMB.<ref>{{cite news | title=Hong Kong banks to conduct personal renminbi business on trial basis | url=http://www.info.gov.hk/hkma/eng/press/2003/20031118e4.htm | publisher=Hong Kong Monetary Authority | date=18 November 2003 | access-date=22 March 2007 | archive-date=5 April 2005 | archive-url=https://web.archive.org/web/20050405194119/http://www.info.gov.hk/hkma/eng/press/2003/20031118e4.htm | url-status=live }}</ref> Because of changes in legislation in July 2010, banks around the world<ref>{{cite news | title=Bank of China New York Offers Renminbi Deposits | url=http://www.bocusa.com/portal/Info?id=652&lang=1& | access-date=15 February 2011 | archive-date=22 February 2011 | archive-url=https://web.archive.org/web/20110222000911/http://www.bocusa.com/portal/Info?id=652&lang=1& }}</ref> offer [[foreign currency account]]s for deposits in Chinese renminbi.

The renminbi had a presence in Macau even before the 1999 return to the People's Republic of China from [[Portugal]]. Banks in Macau can issue credit cards based on the renminbi, but not loans. Renminbi-based credit cards cannot be used in Macau's [[casino]]s.<ref>{{cite news | title=Macao gets green light for RMB services | url=http://www.chinadaily.com.cn/english/doc/2004-08/05/content_359235.htm | newspaper=China Daily | date=5 August 2004 | access-date=22 March 2007 | archive-date=23 April 2021 | archive-url=https://web.archive.org/web/20210423025132/http://www.chinadaily.com.cn/english/doc/2004-08/05/content_359235.htm | url-status=live }}</ref>

The government of [[Taiwan]] believes that wide usage of the renminbi would create an [[Black market|underground economy]] and undermine its [[sovereignty]].<ref>{{cite news|title=Regular Press Briefing of the Mainland Affairs Council |url=http://www.mac.gov.tw/english/english/macnews/enews/enews960105.htm |publisher=Mainland Affairs Council |date=5 January 2007 |access-date=21 March 2007 |archive-url=https://web.archive.org/web/20070927003905/http://www.mac.gov.tw/english/english/macnews/enews/enews960105.htm |archive-date=27 September 2007}}</ref> Tourists are allowed to bring in up to ¥20,000 when visiting Taiwan. These renminbi must be converted to [[New Taiwan dollar|Taiwanese currency]] at trial exchange sites in [[Matsu Islands|Matsu]] and [[Kinmen]].<ref>{{cite news | title=CBC head urges immediate liberalization of reminbi conversion | url=http://www.taiwanheadlines.gov.tw/ct.asp?xItem=56017&ctNode=6 | publisher=Government Information Office, Taiwan | date=26 December 2006 | access-date=21 March 2007 | archive-url=https://web.archive.org/web/20070207101017/http://www.taiwanheadlines.gov.tw/ct.asp?xItem=56017&ctNode=6 | archive-date=7 February 2007 | df=dmy-all }}</ref> The [[Chen Shui-bian]] administration insisted that it would not allow full [[convertibility]] until the mainland signs a bilateral foreign exchange settlement agreement,<ref>{{cite news | title=Taiwan prepares to allow renminbi exchange | url=http://www.ft.com/cms/s/13eecafa-9acf-11db-bbd2-0000779e2340.html |archive-url=https://ghostarchive.org/archive/20221210/http://www.ft.com/cms/s/13eecafa-9acf-11db-bbd2-0000779e2340.html |archive-date=10 December 2022 |url-access=subscription |url-status=live | newspaper=Financial Times | date=3 January 2007 | access-date=13 March 2007}}</ref> though president [[Ma Ying-jeou]], who served from 2008 to 2016, sought to allow full convertibility as soon as possible.

The renminbi circulates<ref name=peoplesdaily/> in some of China's neighbors, such as [[Pakistan]], [[Mongolia]]<ref name=takungpao>{{cite web |url= http://www.takungpao.com/news/09/05/06/_IN-1077521.htm |title= 人民幣在蒙古國被普遍使用 |publisher= [[Ta Kung Pao]] (大公報) |date= 6 May 2009 |access-date= 3 June 2010 |archive-date= 9 July 2023 |archive-url= https://web.archive.org/web/20230709172708/http://www.takungpao.com/news/09/05/06/_IN-1077521.htm }}</ref><ref>{{cite news|title=Widely used in Mongolia |url=http://chinanewswrap.com/2009/05/07/mongolians-prefer-the-renminbi-to-the-us-dollar |publisher=chinanewswrap.com |date=7 May 2009 |archive-url=https://web.archive.org/web/20120225141710/http://chinanewswrap.com/2009/05/07/mongolians-prefer-the-renminbi-to-the-us-dollar |archive-date=25 February 2012}}</ref> and northern [[Thailand]].<ref>{{cite news | title=Asian Monetary Cooperation: Perspective of RMB Asianalization | url=http://www.newasiaforum.org/china_zhang_runlin.pdf | access-date=28 January 2016 | archive-date=24 February 2021 | archive-url=https://web.archive.org/web/20210224142301/http://www.newasiaforum.org/china_zhang_runlin.pdf | url-status=live }}</ref> [[Cambodia]] welcomes the renminbi as an official currency and [[Laos]] and [[Myanmar]] allow it in border provinces such as [[Wa State|Wa]] and [[Kokang]] and economic zones like [[Mandalay]].<ref name=peoplesdaily/> Though unofficial, [[Vietnam]] recognizes the exchange of the renminbi to the [[Vietnamese đồng|đồng]].<ref name=peoplesdaily>{{cite news | title=RMB increases its influence in neighbouring areas | url=http://english.peopledaily.com.cn/200402/17/eng20040217_134974.shtml | newspaper=[[People's Daily]] | date=17 February 2004 | access-date=13 January 2007 | archive-date=6 July 2014 | archive-url=https://web.archive.org/web/20140706120908/http://english.peopledaily.com.cn/200402/17/eng20040217_134974.shtml | url-status=live }}</ref> In 2017 ¥215&nbsp;billion was circulating in [[Indonesia]]. In 2018 a Bilateral Currency Swap Agreement was made by the [[Bank of Indonesia]] and the Bank of China which simplified business transactions, and in 2020 about 10% of [[Indonesia]]'s global trade was in renminbi.<ref name=diplomat-20200731>{{cite news |url=https://thediplomat.com/2020/07/the-internationalization-of-chinas-currency-in-indonesia/ |title=The Internationalization of China's Currency in Indonesia |author=Muhammad Zulfikar Rakhmat |publisher=The Diplomat |date=31 July 2020 |access-date=11 October 2020 |archive-date=20 October 2021 |archive-url=https://web.archive.org/web/20211020225741/https://thediplomat.com/2020/07/the-internationalization-of-chinas-currency-in-indonesia/ |url-status=live }}</ref>

Since 2007, renminbi-nominated bonds have been issued outside mainland China; these are colloquially called "[[dim sum bond]]s". In April 2011, the first [[initial public offering]] denominated in renminbi occurred in Hong Kong, when the Chinese property investment trust [[Hui Xian REIT]] raised ¥10.48&nbsp;billion ($1.6&nbsp;billion) in its IPO. [[Beijing]] has allowed renminbi-denominated financial markets to develop in Hong Kong as part of the effort to internationalise the renminbi.<ref>{{cite news |title=Hong Kong's first renminbi IPO raises $1.6bn |url=http://www.ft.com/cms/s/0/39d32174-6af2-11e0-9744-00144feab49a.html?ftcamp=rss#axzz1K40sg22y |newspaper=Financial Times |access-date=20 April 2011 |archive-date=23 April 2011 |archive-url=https://web.archive.org/web/20110423004944/http://www.ft.com/cms/s/0/39d32174-6af2-11e0-9744-00144feab49a.html?ftcamp=rss#axzz1K40sg22y |url-status=live }}</ref> There is limited (under 1%) issuing of renminbi bonds in Indonesia.<ref name=diplomat-20200731/>