Latest News:  
Beijing   Overcast/Moderate rain    9 / 12 ℃  City Forecast

English>>China Business

Renminbi market in London registers rapid growth

(Xinhua)

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.

News we recommend:
House prices nudge upward in September Islands dispute benefits carmakers' competitors Sany's bid to usurp Caterpillar
Falsely labeled crabs upset the market A Boon to the Economy 'Right time' for London to build RMB business
Beijing offices still hot properties  The consuming challenge of food safety The dawn of a new growth era

Email|Print|Comments(Editor:厉振羽、张洪宇)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Helicopter formation of PLA army aviation force

  2. Four "gun masters" of PLA Beijing MAC

  3. James Bond and his girls on big screen

  4. Elderly people in pictures

  5. China (Shengyang) Int'l Automobile Fair opens

  6. China's economy has bottomed out

  7. J.K. Rowling's new book gets Chinese version

  8. Charming Indian models

Most Popular

Opinions

  1. China's development benefits all: U.S. city official
  2. Vested interests must not prevent gaokao reform
  3. Economic strains put Hollande on back foot
  4. Sino-Cambodian ties undimmed by Sihanouk’s death
  5. US should engage Asia as a partner
  6. US risks losing neutrality over Diaoyu
  7. New energy initiatives just for show
  8. Commentary: Shining a light on lower taxes
  9. U.S. needs to rethink how to partner China
  10. China needs to rebuild economy

What’s happening in China

All IDs to be checked on trains to Beijing

  1. Mo's Nobel may pull in 200m yuan by year's end
  2. Villagers find deposits in loan co-ops vaporize
  3. Police probe doctors in human egg case
  4. Chinese daughters more filial than sons
  5. Wuhan to get 200-m ferris wheel