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London sees strong growth in RMB products, services in 2014: report

Xinhua, June 26, 2015 Adjust font size:

Figures from the London market for 2014 showed persistent strong growth in RMB forex trading, according to a new report published Friday by the City of London Corporation.

Overall forex-related RMB businesses trading volumes in 2014 were up 143 percent from 2013 figures, with average daily volumes reaching 61.5 billion U.S. dollars, nearly six times as large as those reported in 2011, the report said.

In spot trading, volumes were up more than three times on the 2013 figure, at 18.4 billion U.S. dollars per day.

Total deposits at the end of 2014 were 20 billion Chinese yuan (3.22 billion U.S. dollars), 37 percent higher than the figure at end 2013. This includes a significant increase in corporate deposits from 3 billion yuan in 2013 to 8.2 billion yuan, the report added.

"The City of London's RMB initiative has now entered its fourth year and our latest research strongly indicates the substantial growth of London's RMB market in both depth and sophistication, with more active market participants," said Mark Boleat, policy chairman at the City of London Corporation.

"RMB internationalization is intrinsically linked to market liberalization and the opening up of China's capital account and with the Chinese authorities continued reform progress, the opportunities for global market participants and corporates to benefit from the currency's rise are immense," he added.

City of London's RMB research publications document the capabilities of London in RMB denominated products and services. Fifteen Britain based banks, which are estimated to represent 85 percent of market activity, provided data and comments, and the People's Bank of China also contributed background information. Endit