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
- Banks deal boosts UK bid to be leading China finance hub, Reuters
- China Opens Capital Markets as U.K. Taps Overseas Yuan Business, Bloomberg News
- Treasury steps up efforts to turn City into renminbi trading center, Jill Treanor, Guardian
- Boost for London as China agrees to loosen yuan investment rules, Tania Branigan, theguardian.com
- Singapore and China Deal Dumps US Dollar, Shayne Heffernan, livetradingnews.com
- London to become hub for China’s yuan (kansascity.com)
- London to become hub for China’s yuan (miamiherald.com)
- How The Chinese Yuan Is Threatening The Dollar’s Hegemony (stratrisks.com)
- Singapore Announces Direct Currency Trading Plan With China (bloomberg.com)
- London to Become Hub for China’s Yuan (abcnews.go.com)