UK tops Singapore as second-largest renminbi-clearing centre

Forty per cent of all payments between the UK and China are now made using the Chinese currency, Swift data shows

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London calling: the renminbi accounts for 1.8% of transactions – the 8th most traded currency in the city

The UK has overtaken Singapore as the second-largest clearing centre for the offshore renminbi outside mainland China, according to payments infrastructure company Swift.

The value of UK renminbi payments increased by 21% year-on-year last month, according to the monthly statistics provided by Swift's RMB Tracker.

"Singapore overtook the UK in February 2014, but the trend started to reverse as of January 2016," Swift said in a statement, noting how Hong Kong remains the world's largest offshore

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