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Renminbi market in London registers rapid growth


13:31, October 24, 2012

The offshore renminbi (RMB) business in London has seen a substantial growth since an initiative launched April this year, the City of London said on Tuesday.

Citi, a new member of the City of London RMB initiative launched in April, reported that its offshore RMB payments in London had risen 40 percent this year.

Meanwhile, the company also saw its UK-domiciled renminbi accounts growing 80 percent.

JP Morgan, another member of the initiative, announced that its UK trading volumes in renminbi had doubled in the past year and were up 50 percent in the past six months.

HSBC, also a member, noted that its offshore renminbi trades in London rose 40 percent in the past year.

"I'm delighted to see that the volume of RMB business in London is growing steadily," said Mark Boleat, policy chairman of the City of London Corporation and chairman of the City of London initiative's Steering Committee.

He said RMB's success echoes the findings of a research report published in June this year, which showed that corporates are very interested in using renminbi products and services in London to generate savings and make business with China more straightforward to transact.

"Education and marketing is a core part of the City of London initiative's work, to help corporates understand the benefits of using RMB in trade with China," he added.

He said the City of London will publish an RMB resource pack and case studies next month from different industries trading with China including metals, textiles, automotive and luxury goods, to help raise awareness among European corporates.

The City of London initiative was launched on April 18, 2012. It aims to develop London's position as the leading western hub for international renminbi (RMB) business and boost the RMB's wider international use for trade and investment.

Three banks, namely the China Construction Bank, the Citi and Industrial, and the Commercial Bank of China, recently joined the City of London RMB initiative.

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