The siting of a currency asset in a location other than the country of which the currency is the domestic currency.
For example, a holding of Japanese yen in the United States (which would also be known as 'Euroyen').
To offshore means to relocate a business - or part of a business - to another jurisdiction, often one where operational costs are lower.
Other motivations for offshoring can include geopolitical risk management, access to markets, physical resources, or skilled labour, and tax planning.
The term is also used in the context of transactions with a company resident in a tax haven, or about a company itself resident in a tax haven.