London to become center for trading in Chinese yuan


CBC News – London is now ahead of any other financial center in the race to become an important hub for yuan trading, after the Chinese central bank granted London-based institutional investors a quota of 80 billion yuan ($12.7 billion) to invest in Chinese stocks.

Osborne said China’s state-owned banks will be allowed to expand their operations in Britain by setting up wholesale branches.

Britain and China signed an agreement in June to have their central banks swap 200 billion yuan for £20 billion ($32 billion), giving U.K. financial institutions more access to large amounts of yuan than had been available in the past outside of China. more> http://tinyurl.com/mv3gt9m

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One response to “London to become center for trading in Chinese yuan

  1. Reblogged this on And Then… and commented:
    The impact of this deal could have technical and political ramifications.,

    Like

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