London RMB Business annual Report

In 2025, London further strengthened its position as the leading offshore RMB centre outside Asia, reinforcing its role as a gateway between China's financial markets and global investors. Against a backdrop of geopolitical uncertainty and shifting monetary conditions, London's RMB ecosystem demonstrated resilience, supported by deep pools of international capital, world-class market infrastructure, and growing connectivity with China's onshore markets. The UK retained its position as the world's largest offshore centre for RMB foreign exchange trading, while London continued to facilitate an increasingly diverse range of RMB financing, investment and risk management activities. 

Market activity remained strong across key segments. Average daily RMB clearing volumes rose by over 55% year-on-year to RMB¥191.1 billion, while total China–UK cross-border RMB settlement increased to approximately RMB¥3.8 trillion. The role of the RMB in international finance also continued to deepen, with the currency's share of global trade finance rising to 8.3% and growing investor interest supported by enhanced access arrangements including Bond Connect, Swap Connect and offshore repo services. Together, these developments have further strengthened the links between onshore and offshore RMB markets and expanded opportunities for global participants.

This edition of the Report highlights how London's RMB market is evolving beyond its traditional foundations. Contributions from Barclays, Bank of China London, China Construction Bank London and ICBC London showcase developments ranging from panda bond issuance and cross-border financing to clearing infrastructure, sustainable finance and capital market connectivity. Landmark transactions such as Barclays' RMB¥10.5 billion panda bond programme illustrate the growing integration of RMB into the funding strategies of international institutions. As China continues to advance financial opening-up, London remains uniquely positioned to support the next phase of RMB internationalisation, connecting global investors with new opportunities across China's financial markets.

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