London to build offshore RMB centre
In the London just finished "the city weeks", offshore RMB trading is the city's most popular topic. British chancellor osborne mid-january visit to the focus on the London as an offshore RMB market related matters, it's the Chinese vice premier wang qishan last year in his state visit to the UK, the both sides to London as the yuan trading center problems after the agreement reached another important action.
The British government and many financial institutions will be RMB business as a new growth point for the future, and in practice will build London offshore RMB trading center and some problems to solve.
Since the financial crisis, with a round of quantitative loose, investors have suffered from the dollar and hope to reduce the pegs. And the debt crisis makes the euro remain low, so MLB hats objectively market need another currency complementary role play. In this background, the British actively promote build London offshore RMB trading center of the process.
London is the major foreign exchange center, in dollars in trading rich experience of the yuan will help. The industrial and commercial bank of China (London) Co., LTD, deputy general manager JiangBo also think, London the foreign capital bank's open degree is high, the protection of the investment to do well, this is in London in the offshore RMB centre set up trading advantage of.
From the point of view of the British government, set up the yuan trade center for strategic thinking offshore. To attract the world's second-largest economy currency in this transaction, can maintain the London of a global financial centre advantage position, so as to attract more investors.
From the current look, set up offshore RMB in London trade the center is a win-win situation. In London in the foreign exchange trading aspects of the traditional advantage position can also help the yuan offshore transaction quickly opened the situation. Here high degree of capital market, financial institutions exist, a perfect infrastructure, financial service industry mature, these are all Hong Kong or Singapore incomparable.
Although British chancellor osborne and in the city and HSBC, standard chartered bank for RMB these MLB Jerseys giant offshore trading center depicts a good vision, but realize this goal still faces many difficulties, and some problems in the short term is not able to solve.
First of all, from the yuan in supply of see, unless the currency swap the two sides reach a agreement, or RMB can free exchange, and otherwise not have a large number of RMB into recent British.
The London branch of bank of China deputy general manager FangWenJian says, from the current situation look, London met first question is RMB insufficient source. Now the currency of the London stock is small, the epidemic is insufficient, in the yuan freely convertible has not fully realized, to solve this problem still needs time.
China international financial company chairman LiJianGe also think, London in the inventory of the yuan is the bottleneck of offshore trading center. In the RMB can completely change now, before the RMB business mainly confined to trade both parties are willing to use renminbi as the currency, can form the yuan offshore trading business.
"In the yuan convertible, I think this scale before will be very limited. So can London as an offshore RMB centre, depends on the trade offshore yuan scale to how old," he said.
Second, from the perspective of demand, the British enterprise to RMB and doubt, in holding the use of the yuan is not clear planning.
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