国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Markets

UK, China to sign historic currency clearing deal

By Cecily Liu in London (China Daily) Updated: 2014-03-28 08:45

Competition fierce to be first non-Asian yuan settlement service

Britain and China will sign an agreement on Monday to work on setting up the first clearing and settlement service for renminbi trading outside Asia, Britain's Treasury said on Wednesday in a statement.

Financial sector experts in London have welcomed the news, hailing it as a milestone in boosting London's advantage in the contest to become the Western hub for offshore renminbi transactions.

UK, China to sign historic currency clearing deal
UK, China to sign historic currency clearing deal
"This is a positive step and is further evidence of the strong links between the UK and Chinese central banks and the public sector," said Spencer Lake, global head of capital financing at HSBC.

Lake said having an official clearing bank will help London's financial market to build up renminbi transaction volumes, which will help with the internationalization of the Chinese currency.

"We expect the currency to be fully convertible in the next two to three years under the capital account and subject to the success of China's overall reform plans," Lake said.

An official clearing service facilitates the efficient clearing of offshore renminbi transactions, achieved through direct cooperation between a commercial bank in London appointed for this purpose and the People's Bank of China.

Having an official clearing bank also allows more liquidity for the offshore renminbi center that hosts the bank. Moreover, it bears symbolic significance for the offshore renminbi center in that it has recognition from the Chinese government.

The announcement came amid fierce competition between different European financial centers, including Paris, Frankfurt and Luxembourg, to become the top destination for offshore renminbi transactions.

For example, Luxembourg Minister of Finance Pierre Gramegna said in February that he will put forward the request for Luxembourg to have an official clearing bank when he visits China in June.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
甘肃省| 军事| 乐至县| 灌阳县| 峡江县| 印江| 肇庆市| 二连浩特市| 克拉玛依市| 营山县| 南京市| 华坪县| 柳河县| 美姑县| 怀仁县| 襄城县| 昂仁县| 和顺县| 昌邑市| 清镇市| 收藏| 垦利县| 卓尼县| 永清县| 永新县| 陆川县| 治多县| 延庆县| 方正县| 云霄县| 荆门市| 江永县| 邛崃市| 黑水县| 合江县| 申扎县| 延长县| 萨迦县| 班戈县| 施甸县| 营山县|