GBP/RMB launch a boon to London

Chinese premier expects UK to play central RMB trading role

Chancellor of the Exchequer George Osborne

Chinese premier Li Keqiang expects renmninbi trading in London to eventually outpace volumes in mainland China, just as London trades more dollars than New York and more euros than Europe, he told participants at a high-level financial forum in London, following an agreement to directly trade sterling against the RMB.

His comments came after the People's Bank of China (PBoC) and the UK launched GBP/RMB trading without a dollar leg, which will encourage the development of the direct exchange rate

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