Tag: United Kingdom

People’s Bank of China to Facilitate RMB Exchange in London

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May 23 – The Bank of England and the People’s Bank of China are working towards a joint RMB/GBP currency swap line after the banks’ governors met earlier this year to discuss a reciprocal exchange arrangement.

According to the Bank of England, the agreement will initiate a three-year currency swap program designed to “finance trade and direct investment between the two countries,” as well as strengthen the financial stability of the currency markets. As a result, England will be the first G7 nation to have direct access to the RMB. Continue reading…

China Supports London’s Development as Offshore RMB Market

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Sept. 16 – The United Kingdom and Chinese governments recently agreed to jointly work on developing products and services denominated in the Chinese local currency RMB, in a bid to develop the City of London into another major offshore RMB market.

In a statement issued after the fourth China-U.K. Economic and Financial Dialogue attended by Chinese Vice Premier Wang Qishan and U.K. Chancellor of the Exchequer George Osborne, the representatives said they welcome the private-sector-led development of London’s RMB market and agree to monitor and support the market, addressing any risks that may raise to harm financial stability. Continue reading…

Asia Briefing Bookstore Catalogue 2013
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