Almost 3 trillion renminbi was cleared in the UK between September and November last year
The City of London has retained its crown as the world’s leading hub for renminbi clearing outside China, new figures show.
Trades totalling nearly 3 trillion renminbi were cleared in the City between September and November last year, up 22.7pc, according to the City of London Corporation. Daily trading volumes of renminbi averaged more than £82bn in the third quarter, a rise of 4.29pc year-on-year.
Outside of the UK, Hong Kong makes up 24.35pc of foreign exchange transactions in renminbi, followed by the US, Singapore, and France.
Economists and senior City figures said the surges in renminbi trading pointed to the strength of the UK’s financial district.
Douglas McWilliams of the Centre for Economics and Business Research said: “The City is the largest forex market in the world by some margin, and RMB transactions going through it is part of that story.”…