In April, 2.6% of global yuan payments was carried out through the U.S., up from 1.3% a year ago, putting the U.S. ahead of Taiwan as an offshore yuan trading center, Swift said.
Read moreFXPRIMUS is pleased to announce the addition of Offshore RMB (USD/CNH) & Turkish Lira (USD/TRY) to its clients In a constant pursuit towards diversifying its product offering, FXPRIMUS is pleased to announce the addition of Offshore RMB (USD/CNH) & Turkish Lira (USD/TRY) to its clients. CNH is an offshore version of the RMB introduced by…
Read moreHong Kong became the first offshore yuan trading hub in 2004, followed by London in 2011 According to the latest SWIFT RMB Tracker (February 2014), the top offshore RMB hub remains London (excluding Hong Kong and Mainland China). Singapore is right behind London in weight and rank and is gaining volume. Singapore yuan clearing volume…
Read moreLondon to become first location outside Asia to have a Yuan clearing bank As the Renminbi is finally rebounding somewhat from its recent slide against the US dollar we are seeing a very clear intention by UK authorities and the private sector, for London to become the main trading venue outside of Asia for Chinese…
Read moreHolders of funds in Hong Kong gain easier access to mainland China investments According to a Reuters report on Monday, The Chinese Ministry of Commerce has announced a simplification of rules for foreign firms willing to park their Chinese Yuan holdings in the mainland. That just looks like another part of efforts to incentivize a…
Read moreLondon, Hong Kong, Singapore and Abu Dhabi duke it out for Yuan supremacy With China’s Renminbi currency now solidly enshrined as the world’s #2 trade currency, further reforms to allow the Yuan to float are gaining steam. And, at the same time, the world’s leading financial centers are positioning themselves to become the leading places…
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