London’s role as int’l center for RMB business continues to grow: report

%3CP%3E%3CFONT%20face%3DVerdana%3ELondon%27s%20role%20in%20the%20global%20RMB%2C%20or%20Chinese%20yuan%2C%20market%20grew%20significantly%20during%202012%2C%20with%20both%20business%20volumes%20and%20the%20number%20of%20RMB%20products%20provided%20by%20London-based%20banks%20increasing%20notably%2C%20according%20to%20a%20report%20released%20Wednesday%20for%20the%20City%20of%20London%20Corporation.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20study%2C%20which%20was%20prepared%20by%20Bourse%20Consult%2C%20shows%20that%20during%202012%20there%20was%20strong%20growth%20in%20the%20use%20of%20RMB%20by%20corporations%20following%20extensive%20marketing%20of%20RMB%20services%20by%20Britain-based%20banks.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EImport%20and%20export%20financing%20totaled%2033.6%20billion%20yuan%20%285.4%20billion%20US%20dollars%29%2C%20up%20by%20100%20percent%20compared%20with%202011.%20The%20volume%20of%20Letters%20of%20Credit%20and%20other%20loan%20guarantees%20grew%2013%20times%20to%204.7%20billion%20yuan%2C%20the%20report%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EStrong%20levels%20of%20growth%20were%20observed%20across%20the%20institutional%20and%20inter-bank%20market.%20Notably%20there%20were%20large%20increases%20in%20the%20volumes%20of%20a%20full%20range%20of%20deliverable%20foreign%20exchange%20instruments%20and%20spot%20RMB%20trading%20volumes%20increased%20in%20total%20by%20240%20percent%20over%202011%20reaching%20a%20daily%20average%20of%202.5%20billion%20dollars.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EAccording%20to%20the%20report%2C%2012%20major%20banks%2C%20which%20are%20estimated%20to%20cover%20approximately%2085%20percent%20of%20the%20RMB%20market%20in%20London%2C%20participated%20in%20the%20survey%20and%20provided%20data%20on%20the%20RMB%20retail%20banking%20market%2C%20the%20corporate%20banking%20market%20and%20the%20institutional%20and%20inter-bank%20market.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EBritish%20Chancellor%20of%20the%20Exchequer%20George%20Osborne%20said%2C%20%22The%20development%20of%20London%27s%20RMB%20market%20is%20exactly%20the%20sort%20of%20thing%20Britain%20should%20be%20doing%20to%20lead%20in%20the%20global%20race.%20I%20am%20pleased%20with%20the%20progress%20that%20is%20being%20made%20and%20that%20Britain%20is%20obviously%20seen%20as%20open%20for%20business%20by%20emerging%20and%20established%20markets%20alike.%22%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22Today%27s%20report%20by%20the%20City%20of%20London%20shows%20a%20significant%20increase%20in%20RMB%20trade%20services%20and%20foreign%20exchange%20volumes%20in%20London.%20Alongside%20the%20Bank%20of%20England%27s%20announcement%20earlier%20this%20year%20that%20they%20have%20agreed%20to%20a%20swap-line%20with%20the%20People%27s%20Bank%20of%20China%2C%20it%20underlines%20the%20British%20Authorities%27%20ongoing%20ambition%20to%20build%20a%20thriving%20RMB%20market%20in%20London%2C%22%20Osborne%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EMark%20Boleat%2C%20policy%20chairman%20at%20the%20City%20of%20London%20Corporation%2C%20said%2C%20%22It%20has%20been%20over%20a%20year%20since%20the%20official%20launch%20of%20the%20City%20of%20London%20Initiative%20on%20London%20as%20a%20center%20for%20RMB%20Business%2C%20and%20this%20latest%20survey%20shows%20London%20has%20an%20increasingly%20strong%20position%20as%20a%20global%20center%20for%20RMB%20trading.%22%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EAccording%20to%20the%20latest%20projection%20of%20HSBC%2C%20RMB%20would%20be%20able%20to%20become%20one%20of%20the%20top%20three%20global%20traded%20currencies%20in%20volume%20term%20by%20the%20end%20of%202015.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22The%20RMB%20is%20increasingly%20the%20part%20of%20normal%20day-to-day%20business%20for%20anyone%20trading%20or%20investing%20in%20China%2C%22%20said%20HSBC%20Chairman%20Douglas%20Flint%20at%20the%20Annual%20General%20Meeting%20last%20month%20in%20London.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThis%20study%20is%20the%20third%20in%20a%20series%20reporting%20on%20London%20RMB%20trading%20volumes.%20The%20first%20report%20covered%20the%20full%20year%202011%20and%20the%20second%20one%20covered%20January%20to%20June%202012.%20%281%20yuan%20%3D%200.16%20US%20dollar%29%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CBR%3E%28Global%20Times%29%3C/FONT%3E%3C/P%3E