Europe: Risky RMB business

Author: | Published: 30 Oct 2013
The UK government’s questionable strategy to transform London into an offshore RMB hub

Last month UK chancellor George Osborne unveiled a landmark deal that takes London one step closer to its goal of becoming the main offshore hub for the increasingly lucrative Chinese renminbi (RMB) business.

Under the £8 billion ($12.9 billion) pilot scheme, London-based investors will be able to use RMB to invest directly in Chinese stocks and bonds.

Osborne is also brokering talks between Chinese banks and the...