Renminbi trading in London increased nearly 50% in 2018

London consolidates place as centre of RMB trading as internationalisation of currency gathers pace

The renminbi increased its share of cross-border payments and currency reserves in 2018

London consolidated its position as a renminbi trading centre in 2018, as the internationalisation of the Chinese currency gathered pace and it became more widely traded outside China, while increasingly being used in cross-border payment transactions and central bank international reserves.

The average daily turnover of offshore renminbi traded in London increased 44% between Q4 2017 and Q4 2018, according to a report published by the City of London Corporation and the People’s Bank of China

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