London’s offshore RMB deposit balance hits a record

London, November 25 (Xinhua)-London’s unpaid RMB deposits set a record as Chinese currencies became more and more attractive to international investors, a new report showed on Thursday. ..

According to the city’s RMB Business Quarterly, London’s total offshore RMB deposits surged to 88.5 billion yuan (about US $ 13.8 billion) in the second quarter, 23.27% from the previous quarter, compared to the same period last year. It increased by 19.23%. London Corporation and People’s Bank of China Representative Office in Europe.

The UK is still the world’s largest RMB forex hub and the second largest offshore RMB settlement center. According to the report, foreign exchange trading outside the yuan in the UK in June 2021 was 36.74%, up 3.8 points from June last year.

Cross-border yuan transactions between China and the United Kingdom continued to gain momentum, reaching 456.53 billion yuan (about $ 71.39 billion), up 79.11 percent year-on-year.

The China Construction Bank (CCB) London branch became the UK RMB settlement bank in June 2014. By the end of June this year, the total RMB settlement amount since June 2014 reached 57.24 trillion yuan (about 8.95 trillion dollars). report.

Catherine McGuinness, chair of the City of London Corporation’s Policy and Resources Commission, said the London RMB Business Quarterly Report supports the UK’s position as a major RMB hub outside of China. Said that it gives an overview of the UK yuan market.

“This report shows the innovation and resilience of the UK’s financial and professional services (FPS) sector, which provides a new and innovative way to engage the RMB in the post-COVID-19 world. We are exploring. The strength of the UK market is reflected in its capabilities. We will maintain our position as a major RMB trading hub outside of China. ”

London’s offshore RMB deposit balance hits a record

SourceLondon’s offshore RMB deposit balance hits a record

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