Newly-launched report highlights London's booming RMB market

LONDON - A report launched Wednesday by the City of London Corporation and the People's Bank of China reveals that Chinese currency transactions in London have increased significantly year-on-year.

The London RMB Business Quarterly report shows that daily RMB foreign exchange market transactions averaged roughly 70 billion pounds in the second quarter of this year, up nearly 14 percent on the previous quarter and over 30 percent year-on-year.

The news comes as the City Corporation relaunches its influential renminbi business initiative, a campaign which ran from 2012 to 2015 that helped London become the leading offshore RMB trading hub outside of Asia.

The joint publication is part of the City of London Corporation's Asia Next Decade campaign, which has identified there is increasing demand in the capital for more information on London's RMB landscape.

The aim of the reports, which will be published every quarter, is to help cement London's position as an RMB hub, by encouraging the issuance of more RMB denominated products and transactions in the City.

City of London Corporation Policy Chairman, Catherine McGuinness said the new quarterly report's launch will help London maintain its position as one of the world's leading foreign exchange hubs, while providing an overview of the market for Chinese currency in the City.

Jin Mei, chief representative of the People's Bank of China's Representative Office for Europe, expected the quarterly report to help international investors understand the latest developments in the offshore RMB market in London.