The total clearing amount of RMB clearing banks in the UK exceeds 40 trillion yuan
Xinhua News Agency, London, November 8 (Reporter Yang Xiaojing Gu Zhenqiu) the China Construction Bank held an event in the City of London on the 7th to celebrate the fifth anniversary of CCB's appointment as a British renminbi clearing bank, with a cumulative total settlement of more than 40 trillion yuan.
In his speech, Tian Guo, chairman of China Construction Bank, said that in the past five years since its appointment as a British renminbi clearing bank, CCB has continuously improved its comprehensive RMB service capacity, fully participated in the construction of the offshore RMB market in London, and actively promoted Sino-British financial cooperation. It has effectively raised the level of internationalization of the RMB. CCB London Branch has become the largest renminbi clearing bank outside Asia and is the main renminbi quotation bank and market maker in the London market.
Liu Xiaoming, Chinese ambassador to the UK, said that financial cooperation is one of the most dynamic and potential areas of Sino-British cooperation. The British renminbi clearing bank is located in London, a global financial center. With the help of its unique time zone advantages and in coordination with the two major resources of Beijing and New York, it has not only achieved the coverage of the RMB clearing business to the main working hours in Asia, Europe and the Americas. What's more, London has become an important platform for China and the rest of the world to carry out offshore RMB business.
At present, London is the world's largest RMB offshore foreign exchange trading center and the world's second largest RMB offshore clearing center.