01-04-2014, 09:42 AM
Yuan momentum as international trading currencies, is increasing over time, with more and more countries rushing for a slide of the pie...
Britain signs yuan clearing deal as battle for China FX heats up
LONDON] Britain and China signed an agreement to set up a clearing service for renminbi trading in London on Monday, days after Germany clinched a similar deal in the race to capture a share of the fast-growing Chinese foreign exchange market.
Britain said last week it was on course to be the first country outside Asia to set up a clearing service with China. But that was before a deal on Friday which made Frankfurt the first centre of such payments in Europe.
China is a focus of the British government as it tries to boost the country's exports, including those from its powerful financial services industry.
Analysts say London - despite the competition from Frankfurt and other European centres such as Luxembourg and Paris - looks best placed to become Europe's main offshore yuan centre given its role as the world's biggest foreign exchange hub.
...
Source: Business Times Breaking News
Britain signs yuan clearing deal as battle for China FX heats up
LONDON] Britain and China signed an agreement to set up a clearing service for renminbi trading in London on Monday, days after Germany clinched a similar deal in the race to capture a share of the fast-growing Chinese foreign exchange market.
Britain said last week it was on course to be the first country outside Asia to set up a clearing service with China. But that was before a deal on Friday which made Frankfurt the first centre of such payments in Europe.
China is a focus of the British government as it tries to boost the country's exports, including those from its powerful financial services industry.
Analysts say London - despite the competition from Frankfurt and other European centres such as Luxembourg and Paris - looks best placed to become Europe's main offshore yuan centre given its role as the world's biggest foreign exchange hub.
...
Source: Business Times Breaking News