British Government To Build RMB Exchange Center In London

< p > the latest data show that the deposits in London a href= "http://www.91se91.com/news/index_s.asp" > RMB < /a > have reached 14 billion 500 million yuan; in the past 18 months, China's investment in the UK has been equivalent to the total investment of China in the past 30 years; the United Kingdom has also relaxed the provisions of the establishment of branches by Chinese banks in London, all of which highlight the British government's determination to build the RMB trading center in London. < /p >
Clegg, Deputy Prime Minister of the United Kingdom, said at the 2014 winter Davos forum that China's recent investments in the UK, including the acquisition of 10% stake in Heathrow International Airport by the Chinese sovereign fund, were welcomed. Clegg pointed out that "China's investment has undergone tremendous changes. Statistics show that in the past 18 months, China's investment in the UK has been equivalent to China's total investment in the UK in the past 30 years. According to statistics, more than 500 Chinese enterprises have established institutions in the UK. < /p >
During the same period, Wang Jianlin, chairman of China Wanda Group, and British Prime Minister Cameron met during the Davos forum. The two sides jointly announced that Wanda Group will invest 2 billion ~30 billion pounds (about 19 billion 960 million yuan ~299.4 billion yuan) to carry out urban renovation projects in the UK, mainly investing in Wanda's comprehensive cultural tourism business with intellectual property rights. < /p >
< p > with the acceleration of China's investment in the UK, the demand for RMB in the UK a href= "http://www.91se91.com/news/index_c.asp" > Finance > /a > has also risen. The latest London Financial City report shows that the amount of Renminbi deposits in London has reached 14 billion 500 million yuan. The increasing stock of offshore renminbi needs continuous upgrading of financial services. London is the second largest financial centre in the world and the largest financial centre in Europe. It is also the headquarters of HSBC and Standard Chartered Bank, which is mainly for the Asian market. It makes London have multiple advantages in striving to become the second major offshore RMB trading center besides the mainland of China. < /p >
Compared with other developed markets, London's ambition to become the second largest offshore RMB trading center is small. Therefore, London has been committed to obtaining business opportunities from China, P. In early 2012, the British Chancellor of the exchequer, Europe, launched a working group to promote the construction of an offshore renminbi trading center in London. Britain also relaxed the provisions of the establishment of branches of Chinese banks in London. The Central Bank of the two countries signed a swap agreement with the British pound last year, demonstrating the political will to make London an offshore RMB trading center, highlighting the British government's determination to build the RMB market in London. < /p >
The continuous efforts of P London have paid off. After the establishment of CCB and ICBC, the addition of Bank of China has made the spot foreign exchange transactions in London continue to grow. In January 17, 2014, the 2 billion 500 million yuan bond issuing ceremony of Bank of China branch held in London Stock Exchange, setting the highest single issue of RMB bonds in London market. Sir Lester, deputy mayor of London, said that the offshore renminbi market in London has grown rapidly and has become the largest offshore RMB trading center outside China and Hongkong. At the end of 2013, China decided to allow British investors to use Renminbi directly to buy up to 80 billion yuan (US $13 billion) of Chinese stocks, bonds, funds and money market instruments, making Britain the first country to acquire such status outside Asia. < /p >
< p > expanding offshore renminbi financial business will bring more benefits besides consolidating London's position in the world financial industry. In early 2013, the Chinese government announced the establishment of the Shanghai free trade pilot zone, which provided an excellent opportunity for the development of various businesses in the international market. < /p >
Besides, P now accounts for 10% of world trade. Historically, countries with large volume of trade often have large trading currencies. The yuan has replaced the euro last year to become the second largest trade finance currency, rising from 1.9% in early 2012 to about 8.7%, but still far below the US dollar's 81%. < /p >
< p > as an old financial empire, < a href= "http://www.91se91.com/news/index_p.asp" > London < /a >, it has smelled great business opportunities. 3 years ago, London had almost no renminbi business. Now, in addition to mainland China and Hongkong, the RMB denominated payment business in the world is 62% in London. < /p >