China And Britain Sign Liquidation Agreement, Offshore RMB Center Battle To Heat Up

On Monday, China and Britain announced the signing of a memorandum of understanding on RMB settlement and settlement. A few days ago, a similar agreement was signed between China and Germany. P

London and Frankfurt compete for the status of overseas RMB settlement centers.

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< p > Britain originally planned to become the first country outside Asia to sign RMB clearing and < a href= "http://www.91se91.com/news/index_c.asp" > settlement agreement < /a >, but the reality is that London can only live in second place.

Last Friday, the German central bank [micro-blog] and the people's Bank of China (CPC) first signed a memorandum of understanding on establishing RMB clearing mechanism in Frankfurt, Germany, in Berlin.

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< p > China is now an exporter of Great Britain's efforts to develop, and London has become a RMB settlement center to further promote bilateral financial services trade.

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< p > besides France and Germany, France is also actively promoting the construction process of the "a href=" http://www.91se91.com/news/index_c.asp "RMB" /a "offshore center in Paris.

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< p > analysts believe that in the face of competition between Frankfurt and other European financial centers, London is most likely to become the main offshore RMB offshore financial market in Europe by virtue of the status of the world's largest "a" href= "http://www.91se91.com/news/index_c.asp" and the foreign exchange trading center /a.

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< p > Spencer Lake, head of global financing of HSBC Group, told Reuters: < /p >

< p > "London and New York are recognized as the two largest financial centers in the world.

London has made a lot of progress in positioning the RMB settlement center.

Frankfurt and Paris are catching up. "

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Last year, China allocated 80 billion yuan of qualified foreign institutional investor (RQFII) to the UK, which will push London into the construction of offshore RMB center in China. P

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< p > according to the global monetary settlement SWIFT data, the renminbi is now the seventh largest payment currency in the world with the Swiss franc.

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< p > Standard Chartered Bank expects that the strong growth of the "dim sum debt" market for overseas RMB bonds in 2014 will continue. By the end of 2014, the total amount of the pastry bonds and certificates of deposit can exceed 750 billion yuan.

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< p > according to the data of PWC, Hongkong is currently the largest offshore RMB settlement center in the world.

The size of Renminbi deposits in Taiwan, Macao and Singapore is also larger than that in London, Luxemburg or Paris.

New York's renminbi trading status is not as good as that of Europe.

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< p > related links: < /p >

< p > on Monday (March 31st), in the morning of the New York stock market, the US dollar index was down, and is now trading near 80.10.

The following are the important technology trends and price forecasts of foreign institutional analysts for the foreign exchange market.

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< p > euro to us dollar: after a low of 1.3750 to 1.3705 last Friday, it has picked up slightly, but Ou Yuanruo is still going to 1.3640 when he is below 1.3820.

We need to break through the 1.3850 level to stabilize the exchange rate and test the recent high of 1.3970 again.

1.4000 is still an important psychological barrier until up to 1.4200.

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< p > US dollar to Japanese Yen: if we can effectively break through 103, the high point of 105.50 will become the focus again.

As long as it is below the 103 area, there is still a risk of falling.

The focus is still on the low 100.70/80 level in February.

The 20 day average cut in position 100.35 is also the key level.

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< p > sterling against the US dollar: last week's five consecutive rise showed a strong rebound, which has been found at the bottom of the short line in 1.6460, but it has not yet been able to rise to 1.6650 level.

If we can break through 1.6650, we will not rule out that it will rise to 1.6820.

Only by falling 1.6460, it is possible to explore the 100 day average of 1.6435.

Below 1.6425 will fall to 1.6300.

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