London RMB Business annual Report

In 2024, London reinforced its position as a leading offshore RMB hub, with significant growth across foreign exchange, credit, clearing, and cross-border settlement markets. The average daily CNH FX trading volume reached GBP£172.7 billion—up 43.20% year-on-year—while RMB deposits and loans rose to RMB¥155.0 billion and RMB¥118.6 billion respectively. RMB clearing volumes also surged, with average daily clearing reaching RMB¥121.6 billion and cumulative totals climbing to RMB¥126.3 trillion by year-end.

Cross-border RMB transactions between China and the UK totalled approximately RMB¥3.7 trillion in 2024, reflecting a 20.50% year-on-year increase. This included a net inflow of RMB¥115.9 billion into the UK. Trade settlement in RMB also gained traction, with RMB¥304.0 billion used for goods traded—representing 43.40% of total trade value between the two nations. According to SWIFT, the UK maintained its global lead in RMB FX spot transactions with a 43.07% share and held its position as the second largest offshore RMB payments centre globally.

The accompanying report includes expert insights from CFETS, China Construction Bank London, and Bank of China London. These articles cover recent initiatives to open up China’s interbank market, a decade of RMB clearing progress in the UK, and deepening China-UK financial cooperation. From innovations like Swap Connect and offshore repo services to expanded cross-border financial infrastructure, the UK continues to play a pivotal role in the internationalisation of the RMB and the evolution of China’s global financial integration.

You can find previous issues of the report on the City of London China Publications page.