London has strengthened its position as a global hub for offshore renminbi, as new market players drive a rapid rise in international trading of the Chinese currency.
The UK capital, the world’s dominant centre for foreign exchange transactions, accounts for 62 per cent of renminbi trading conducted outside China and Hong Kong. That compares with 54 per cent in January, the data from payments group Swift show.
London’s increased market share came largely at the expense of Singapore, although the US, France and Switzerland all lost ground. Analysts said the city’s standing as the main global centre for trading the US dollar and the euro makes it the natural home for renminbi trading outside Hong Kong.
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