CCB may tap London market (2)

Renminbi deposits have built up quickly in London thanks both to increasing trade between Europe and China and an initiative announced by the city in April to promote itself as one of the world's major yuan hubs, She Minhua, a financial analyst from Zhong De Securities, told the Global Times.

Last year, commercial banks in London recorded 109 billion yuan in deposits of the mainland currency from individual savers and interbank depositors, the City of London Corporation reported in September.

London surpassed Singapore to become the world's second-largest offshore yuan hub, next to Hong Kong, in terms of liquidity, according to data released by the Society for Worldwide Interbank Financial Telecommunication on October 22.

London's mounting yuan pool has sparked local investors' interest in dim sum bonds, which remain among the few yuan-denominated investment opportunities available in Europe, although demand still exceeds supply, said She.

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