London ranks first for offshore RMB FX transactions: SWIFT

BY  | FROM  | 2017-04-26 16:06

More than one third of all offshore Chinese renminbi foreign exchange transactions are carried out in the United Kingdom, according to the SWIFT renminbi tracker.
SWIFT, the financial transactions firm, released the data identifying London as the world's leading hub for offshore renminbi in a report on Tuesday. London is the world's largest single FX-trading center.
"This data demonstrates that London is a top choice for international banking activity, says Javier Perez-Tasso, chief executive of Americas and UK for SWIFT.
"Despite a decline in global FX trading volumes and broader market uncertainties, London's role as a global financial center and international payments hub remains on a strong footing," he said.
The SWIFT report said there has also been a steady increase in renminbi FX transactions over the last five years, with the number of FX trades in renminbi reaching more than 13 million in 2016.
In addition, the renminbi now ranks fifth as a world FX currency in terms of trading value, behind the U.S. dollar, the euro, the Japanese yen and the British pound and monthly turnover of the renminbi has reached over 4.3 percent of total turnover confirmed over SWIFT systems.
Trading and payments in the renminbi in Britain also continues to grow, supported by usage of the renminbi in both global and domestic markets.

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