UK Becomes Second Largest Offshore RMB Clearing Centre
The UK unseated Singapore as the largest clearing centre for the renminbi outside of greater China in March, according to Swift’s RMB tracker. The financial transaction system’s data showed the value of UK RMB payments rose 21 per cent year-on-year last month. London is the world’s largest single FX-trading centre, with $2.15tn traded daily, according to the latest data from the Bank of England. The renminbi has climbed to be the eighth most-traded currency in the city, involved in 1.8 per cent of transactions – equivalent to about $39bn of deals
“UK now accounts for 6.3% of all offshore transactions using the Chinese currency at last count, Singapore has dropped to third place at 4.6%.”
~ Financial Times
UK now accounts for 6.3% of all offshore transactions using the Chinese currency at last count, Singapore has dropped to third place at 4.6%. Both are still behind Hong Kong which processes 72.5% of all renminbi payments.
“Renminbi” is the official name of the currency introduced by the Communist People’s Republic of China at the time of its foundation in 1949. It means “the people’s currency”
About People’s Bank of China
The People’s Bank of China (PBC) was established on December 1, 1948 based on the consolidation of the Huabei Bank, the Beihai Bank and the Xibei Farmer Bank. In September 1983, the State Council decided to have the PBC function as a central bank. The Law of the People’s Republic of China on the People’s Bank of China adopted on March 18, 1995 by the 3rd Plenum of the 8th National People’s Congress has since legally confirmed the PBC’s central bank status.
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