The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Foreign Exchange: London seeks to be top renminbi trading centre

UK and Hong Kong sign deal; London in leading position

The push for London to become a primary trading hub for the renminbi continues after UK chancellor George Osborne signed a deal with Hong Kong, aimed at fostering greater cooperation in the drive to globalize the currency. The agreement follows last summer’s landmark accord, in which the UK and Chinese governments welcomed the development of the offshore renminbi market in London.

In a move that further distances London from European calls for a financial transactions tax, the Hong Kong Monetary Authority (HKMA) and the UK Treasury on January 16 announced the launch of a joint private-sector forum aimed at promoting the development of offshore renminbi business.

The forum will focus on enhancing links between Hong Kong and London, specifically regarding clearing and settlement systems, market liquidity and the development of new financial products denominated in the renminbi.

The forum will meet twice a year, with the first meeting to be held in Hong Kong in May. It will comprise representatives from Hong Kong and London banks, including HSBC, Standard Chartered, Bank of China (BOC), Deutsche Bank and Barclays.

The UK government believes the deal will help achieve its aim for London to complement Hong Kong in becoming a primary renminbi trading centre.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree