Last year the BIS listed Singapore as the largest FX center in Asia and the third biggest in the world; now it has overtaken London in offshore RMB clearing, which until now was number one... Back in March we reported that the top offshore RMB hub remained London (excluding Hong Kong and Mainland China) but…
Read moreBoE and PBOC agree on renminbi clearing and settlement in the UK The bank to be named for clearing and settlement has yet to be determined according to Reuters. A clearing bank is considered a politically sensitive subject in China, and is usually a domestic entity, with Bank of China and ICBC seen as the…
Read moreLondon to become first location outside Asia to have a Yuan clearing bank As the Renminbi is finally rebounding somewhat from its recent slide against the US dollar we are seeing a very clear intention by UK authorities and the private sector, for London to become the main trading venue outside of Asia for Chinese…
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