Europe boosted by RMB clearing banks
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 April 2014
China continues to grow while its currency steps closer to global status
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.
Posted In
Tagged
Latest news
The event explored today’s ‘always on’ world and the pressure Scots face as they struggle to balance life inside and outside of work.
Primary school children in Currie, Edinburgh put on their detective hats last week to learn more about fraud and scams thanks to the Royal Bank of Scotland MoneySense programme. Les Matheson, CEO of Personal Banking, tells us why it’s so important to financially educate young people.
New card features are being rolled out from today with all cards having a notch and raised dots.