London’s attempts to position itself as the West’s offshore RMB centre will be bolstered by global familiarity with the city’s strong legal and regulatory systems, the Bank of China has said.
“London can help develop new products for RMB trading based on its substantial experience in other currencies,” said a Bank of China spokesperson in London.
In October, Bank of China (Hong Kong) urged European markets to get better acquainted with the offshore RMB products on offer. Bank of China (Hong Kong) deputy general manager of global markets, Tony Wang, told IFLR economic uncertainty in the Eurozone had provided a good reason for European and US corporations to get more involved in the market. He advised new entrants to...