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Shares of Citic Pacific company decreased to its 10-year level last Tuesday after the company’s executive made wrong currency bets that might cause the lose of about $2 billions by the company.

China is going to open new offshore currency market. It is exact place is not defined yet though the possible cities to host it are Shanghai, Hong Kong and Tianjin. The currency of the country won’t become fully convertible one but nevertheless foreign companies as well as national ones will be able to trade it. Furthermore national institutions will get certain tax benefits in this case.