SWIFT’s latest RMB Tracker announcement shows that London has overtaken Singapore as the largest offshore clearing centre for the renminbi, after Hong Kong. RMB payments between the UK and China/Hong Kong now account for 40 per cent of all payments in the corridor, followed by the Hong Kong dollar.
HSBC’s Eddie Norton, Regional Head of Payments and Cash Management, Europe, comments:
“The UK’s rise to become the largest offshore RMB hub outside Hong Kong reflects the importance that European companies are placing on their commercial relationships in China. The opening of a clearing centre two years ago has helped the UK to build up RMB liquidity, and progressive businesses are capitalising on London’s enhanced payments infrastructure to connect with partners overseas. As other regional cities such as Frankfurt and Paris strive to increase their RMB business, the outlook for European trade and investment flows with China looks increasingly bright.”
