First renminbi clearing bank outside Asia appointed in London.
The Chancellor has today (18 June 2014) welcomed the People's Bank of China's appointment of China Construction Bank (CCB) in London as the first clearing bank outside Asia for the Chinese currency, the renminbi (RMB).
This appointment further strengthens London's position as a centre of RMB trading and is part of the government's long-term economic plan to establish Britain as the western hub of Chinese finance, with two thirds of all RMB payments outside of China and Hong Kong now taking place in London.
This appointment will complement the existing clearing and settlement infrastructure for RMB trading in Hong Kong and ease the transfer of funds in the western time zone.
Organisation: Hm Treasury
Source: Press Releases