Central Banking

PBoC favours London as offshore RMB hub, says leading Chinese banker

renminbi-notes

The rising dominance of the renminbi in global markets offers London a huge opportunity to become a vital offshore trading hub for the currency, says one Bank of China (BOC) official, as banks and businesses cash in on the growing Chinese economy.

Speaking at yesterday's EMFX Trading Summit in London, BOC manager Wenjian Fang said London is well placed to benefit from its status as a credible financial hub and capture a slice of the renminbi internationalisation pie.

"London should do well in RM

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