forex UK Offshore RMB Business Reached a Record Height

[Anzo Lim 0]

https://jump.wikifx.com/83348CF26389B46D

 

According to the 5th issue of London RMB Business Quarterly, jointly released by the City of London Corporation and People’s Bank of China(PBoC) on November 11th, 2019, daily CNH forex trading volume in Q2, 2019 totaled a record height of 85 billion GBP, up 8.8% from the last quarter and up 22.9% year-on-year.

 

The daily clearing volume at UK’s designated RMB clearing house(China Construction Bank) totaled 43.97 billion yuan from June to August, up 18.4% from the last quarterly. Since it officially began clearing business in June, 2014, the bank has completed a total clearing volume of 40 trillion yuan.

 

Cross boarder settlement of RMB also resumed rapid growth. By the end of August, 2019, cross-boarder RMB payments and receipts reached 370 billion yuan which equals the total in 2018. The offshore RMB exchange centers in London can generate billions of pounds of revenue each year.

 

According to data from Society for Worldwide Interbank Financial Telecommunication (SWIFT) in December, 2018, UK accounts for 36% of the RMB global transaction while France and Singapore account for 6% each. London now stands as the world’s largest foreign exchange centre and the second largest oversea clearing centre for offshore Renminbi.

Edited November 11, 2019 by Anzo Lim