London to Become Renminbi Trading Centre
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London to Become Renminbi Trading Centre
Photo Credit: AFP
By Harry Wilson
London will become the first centre outside Asia in which investors will be able to clear and settle Chinese renminbi trades.
The major boost to the City came after the Treasury said Britain and China would next week sign an agreement opening the way to much greater volumes of renminbi-denominated trading in the UK.
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I suppose easier black market trading for the West will ensue.