London Hub For China Currency Trading
Published / Last Updated on 15/01/2012
London Hub For China Currency Trading.
The UK Treasury has announced plans to make London the leading international centre for trading China’s currency. Bankers believe the plans could bring billions of pounds into the City.
According to UK Chancellor George Osborne, An intergovernmental agreement that London and Hong Kong would work together on yuan trading was reached last summer.
China has been gradually relaxing its strict controls and the yuan is set to become a major, globally-traded currency. Treasury officials believe the new partnership with Hong Kong puts London in poll position to be the major centre for trading the Chinese currency outside China and Hong Kong.