Research Report

London RMB Business Quarterly Issue 9 June 2021

Posted: 9 Jun 2021

Resource Type: Research Report

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In the latest London RMB Business Quarterly publication, jointly produced by the City of London Corporation and the People’s Bank of China Representative Office for Europe, it was revealed that London experienced a booming offshore RMB market between August to December 2020.

The value of new dim sum bonds issued, RMB FX trading, Sino-Britain cross-border RMB transactions and RMB deposits balance grew rapidly, outperforming the same period in the prior year. The UK-China cross border RMB transactions for example, rocketed to RMB768.51 billion from August to December 2020, up 101.42% YoY. According to SWIFT, the UK maintained its position as the biggest RMB FX hub and payments centre outside of Greater China, with its share of offshore RMB foreign exchange transactions hitting 37.49%, up from 34.4% in last July.

The report also featured discussions on China’s RMB market infrastructure, contributed by leading Chinese market infrastructure providers including NAFMII, CFETS and CCDC.

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