Offshore RMB centers boosted

The status of Frankfurt, Luxembourg and Paris as offshore renminbi centers will improve significantly after the United Kingdom voted to leave the European Union, experts said.

Wen Bin, chief researcher at China Minsheng Banking Corp, said the status of London as a global financial center will be weakened after Britain withdraws from the EU.

"It will trigger an increase in the size and volume of cross-border renminbi transactions at the other three offshore renminbi centers in Europe, which will replace London, while China is pushing forward such transactions under the framework of the Belt and Road Initiative," Wen said.