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RMB internationalisation continues: GBP becomes 5th currency trading directly against RMB

Li Keqiang expects RMB trading in London to outpace (eventually) volumes in mainland China, just as London trades more USD than in New York and more euro than in Europe. Comments came after People’s Bank of China (PBoC) and UK launched GBP/RMB trading without the dollar leg.

There are now five major currency trading directly against the renminbi:

  • US dollar
  • Japanese yen
  • Australia dollar
  • New Zealand dollar
  • Sterling.

On June 18, the PBoC approved UK banks HSBC and Standard Chartered as market-makers for direct trading GBP/RMB on inter-bank markets, while China Construction Bank became first RMB clearing bank in London.

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