London cements position as renminbi hub
RMB daily trades total $61.5 billion
London has cemented its position as a global centre for offshore renminbi trading, with overall volumes in 2014 more than doubling those of the previous year to total $61.5 billion per day on average, according to a report from City of London Corporation.
The UK capital saw two-thirds of offshore spot FX transactions and more than half of FX forwards, while also maintaining a sizeable portion of FX swaps and options with 42% and 20%, respectively, of the offshore market, despite a number of
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