HSBC gains permission to trade GBP/RMB in China
The pound becomes fifth major currency tradable against the renminbi
The People's Bank of China (PBoC), the country's central bank, has licensed HSBC to directly exchange renminbi (RMB) against sterling (GBP) in Shanghai, home to China's onshore interbank FX market.
The announcement means the British pound becomes the fifth major currency to be traded directly against renminbi, after the US dollar, Japanese yen, Australian dollar and New Zealand dollar.
The development comes after yesterday's official confirmation by the PBoC that China Construction Bank (CCB)
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