Businesses across Europe will benefit from Frankfurt and London housing the first clearing services for renminbi (RMB) outside Asia, says Janet Ming, head of RBS China Desk in London.
16 Apr 2014
The two new clearing banks will significantly boost cross-border trade between Europe and China. Germany is the People Bank of China’s (PBoC) biggest trading partner, and London is the world’s largest foreign exchange and bond trading centre – with 62 per cent of RMB payments outside China processed there.
She adds that Luxembourg, Paris and Switzerland can now develop RMB business through those clearing banks much faster because it bypasses the time difference involved when dealing with Hong Kong.
The two new clearing banks will significantly boost cross-border trade between Europe and China.