Wednesday, February 19, 2014 11:58:21 PM
Britain in talks to set up yuan clearing bank in London
Jeanny Yu
PUBLISHED : Thursday, 20 February, 2014, 11:16am
UPDATED : Thursday, 20 February, 2014, 11:16am
http://www.scmp.com/business/economy/article/1431603/britain-talks-set-yuan-clearing-bank-london
Bank of China has its British headquarters in London's Lothbury Street. Photo: Enoch Yiu
Britain’s finance minister said his country is in “active” discussions with Chinese authorities to appoint a clearing bank in London.
It is the latest in the British capital’s initiatives to cement its position as a top offshore yuan centre and corner a bigger share of the global business in the currency.
“The UK and Chinese government are in active discussions now about the employment of a renminbi clearing bank in London,” Chancellor of the Exchequer George Osborne said in a speech to business leaders in Hong Kong on Thursday.
Osborne highlighted the importance of having a local clearing mechanism in London for the yuan, also known as the renminbi, to boost trades in the currency and development of more products denominated in it.
At present, China has three offshore clearing banks: Bank of China (Hong Kong), Bank of China’s Taiwan branch and Industrial & Commercial Bank of China’s branch in Singapore.
“Ultimately, what we all want to see is the renminbi being used more and more as a currency of choice of the world,” Osborne said.
He said Chinese asset manager E Fund Asset Management plans to list an exchange-traded fund on the London Stock Exchange that would invest offshore yuan in China’s onshore securities markets.
E Fund would become the second mainland asset manager, after CSOP Asset Management, to list an ETF in London to tap offshore yuan held there.
Anita Fung Yuen-mei, chief executive of HSBC Bank Hong Kong, and Benjamin Hung Pi-cheng, chief executive of Standard Chartered Bank (Hong Kong), attended Osborne’s talk.
$CNY $CYB $RMB
Jeanny Yu
PUBLISHED : Thursday, 20 February, 2014, 11:16am
UPDATED : Thursday, 20 February, 2014, 11:16am
http://www.scmp.com/business/economy/article/1431603/britain-talks-set-yuan-clearing-bank-london
Bank of China has its British headquarters in London's Lothbury Street. Photo: Enoch Yiu
Britain’s finance minister said his country is in “active” discussions with Chinese authorities to appoint a clearing bank in London.
It is the latest in the British capital’s initiatives to cement its position as a top offshore yuan centre and corner a bigger share of the global business in the currency.
“The UK and Chinese government are in active discussions now about the employment of a renminbi clearing bank in London,” Chancellor of the Exchequer George Osborne said in a speech to business leaders in Hong Kong on Thursday.
Osborne highlighted the importance of having a local clearing mechanism in London for the yuan, also known as the renminbi, to boost trades in the currency and development of more products denominated in it.
At present, China has three offshore clearing banks: Bank of China (Hong Kong), Bank of China’s Taiwan branch and Industrial & Commercial Bank of China’s branch in Singapore.
“Ultimately, what we all want to see is the renminbi being used more and more as a currency of choice of the world,” Osborne said.
He said Chinese asset manager E Fund Asset Management plans to list an exchange-traded fund on the London Stock Exchange that would invest offshore yuan in China’s onshore securities markets.
E Fund would become the second mainland asset manager, after CSOP Asset Management, to list an ETF in London to tap offshore yuan held there.
Anita Fung Yuen-mei, chief executive of HSBC Bank Hong Kong, and Benjamin Hung Pi-cheng, chief executive of Standard Chartered Bank (Hong Kong), attended Osborne’s talk.
$CNY $CYB $RMB
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