London To Become Centre For Renminbi Business

Last year, the UK government launched an initiative to make London a centre for offshore renminbi business, following an influx of Chinese entrepreneurs and businesses to the UK. The Bank of England has agreed to discuss setting up a reciprocal three year sterling renminbi swap line with the People’s Bank of China (PBoC), in an effort to boost offshore renminbi business in London. It is expected that London will become the hub for Chinese overseas investment as few countries support payments in renminbi.

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