London Overtakes Singapore as Second-Largest Renminbi Clearing Location
Posted: Sat Apr 30, 2016 7:33 am
London has overtaken Singapore to become the second-largest clearing centre for Chinese yuan transactions according to data from SWIFT (Society for Worldwide Interbank Financial Telecommunication). In March 6.3 per cent of renminbi payments have been transacted via London, a figure that is almost 2 percentage points higher than Singapore’s 4.6 per cent.
With the prominence of the Chinese yuan as a means of payment rising and with the closer ties between London and Beijing being reaffirmed after the establishment of the new conservative government in the U.K., the financial center of Europe has risen into second spot.
Hong Kong remains the unchallenged ... (read more)