FOREIGN EXCHANGE | Staff Reporter, China

RMB predicted to become more "market-oriented" in 2015

It's forecasted to be used more widely.

The RMB continues to evolve rapidly. In 2014, the so-called “Redback” weakened versus the USD on an annual basis for the first time since the 2005 de-peg.

According to a research note from HSBC Global Research, the currency has also been trading with greater two-way flexibility.

The report noted, however, that the RMB’s internationalisation process has stayed intact.

Here's more from HSBC Global Research:

China’s FX policy is increasingly a point of focus, especially given the excessively loose monetary policies being followed by other central banks globally.

In 2015, we expect the RMB to continue on the path towards becoming more market-oriented and to being
used more widely for global payments, financial investment and even reserve management.

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