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European corporates support growing London RMB market

(Xinhua)

08:12, June 26, 2012

LONDON, June 25, (Xinhua) -- European corporates and institutional investors interested in China welcomed the availability of Chinese currency Renminbi (RMB) products and services in London, a new report from the City of London Corporation said on Monday.

The report, which examined the experiences of firms using RMB for payments and investments, said RMB products and services currently available in London have met the demands of these corporate and investor end-users.

Corporate customers highlighted in the report the benefits of adopting the RMB in cross-border trade settlements with China, such as cost-effectiveness and efficiency. Investors also welcomed the opportunity to invest in RMB products in London, though expressing some caution on liquidity and market depth in London's CNH market.

"London is already developing as a centre for RMB business, and its attractiveness is underpinned by key strengths such as time zone, strong regulatory framework, banking expertise and global FX trading volumes which are well recognised by corporates and investors," said Mark Boleat, Policy Chairman at the City of London Corporatio.

He said the usage of RMB outside China had grown significantly in recent years, helping it to climb up the ladder towards becoming a world payments currency.

"Understanding the perspectives of current and potential users of RMB products and services will help to develop the services offered to these firms, grow the liquidity pool in London and contribute to the international use of the RMB outside mainland China. " Boleat added.

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