London rubber-stamps deal for offshore RMB
UK capital city secures its role as the number one venue to trade RMB outside of Hong Kong with a series of agreements in October between London and Beijing
With twice as many dollars traded in London than the US and an even greater multiple of euro-based activity relative to the eurozone itself, it is unsurprising that Chinese authorities have opted for the UK capital as an international centre for the RMB. Time zone, know-how and crucially liquidity were the reasons that just a day after the People's Bank of China inked a bilateral swap deal with the European Central Bank, it signed a far more comprehensive deal with the UK government.
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