The UK unseated the southeast Asian financial hub as the largest clearing centre for the renminbi outside of greater China in March, according to Swift’s RMB tracker. The financial transaction system’s data showed the value of UK Rmb payments rose 21 per cent year-on-year last month.
That reflects the growing dominance of China’s currency in payments between the UK and China/Hong Kong, which now accounts for 40 per cent of all payments in the corridor, followed by the Hong Kong dollar (24 per cent).
London is the world’s largest single FX-trading centre, with $2.15tn traded daily, according to the latest data from the Bank of England. The renminbi has climbed to be the eighth most-traded currency in the city, involved in 1.8 per cent of transactions – equivalent to about $39bn of deals, compared with $1.9tn for the dollar and $837bn for the euro.
With the UK accounting for 6.3 per cent of all offshore transactions using the Chinese currency at last count, Singapore has been bumped to third place at 4.6 per cent. But both are still leagues behind Hong Kong, which processes 72.5 per cent of all renminbi payments.
Stephen Gilderdale, managing director for UK, Ireland and Nordics at Swift, attributed the rise to steady growth in renminbi clearance at China Construction Bank’s UK branch, which opened in June 2014.
Swift负责英国、爱尔兰和北欧的主管斯蒂芬?吉尔德代尔(Stephen Gilderdale)将人民币清算业务的稳步增长归功于中国建设银行(China Construction Bank)英国分行，该分行于2014年6月成立。