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London seeks major role in yuan trading   [Copy link] 中文

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Post time 2012-1-17 11:04:02 |Display all floors

The UK Treasury has announced plans to make London the leading international centre for trading China's currency, the yuan, also known as the renminbi.

"London is perfectly placed to act as a gateway for Asian banking and investment in Europe," said UK Chancellor George Osborne.
Bankers say the plans could bring billions of pounds into the City.
China has been gradually relaxing strict controls on the value of its currency and on flows of capital.

Mr Osborne, who arrived in Hong Kong on Monday at the start of a visit to Asia, said he would be holding talks "on establishing London as the new hub for the renminbi market as a complement to Hong Kong".


The City, he said, as the world's largest centre for foreign exchange, was "uniquely placed to assist in the development of this exciting market".
Major currency
According to Treasury officials, the new partnership with Hong Kong puts London in pole position to be the major centre for trading the Chinese currency outside China and Hong Kong.
An intergovernmental agreement that London and Hong Kong would work together on yuan trading was reached last summer.

Following the relaxation of strict state controls, the yuan is set to become a major, globally-traded currency, in keeping with China's status as the world's second biggest economy.

A recent report by the Chatham House think tank forecast that trade transactions settled in the currency would reach around a trillion dollars (£650bn) by 2020.

China is loosening strict controls over its currency and banking system

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Post time 2012-1-17 15:37:57 |Display all floors
This post was edited by CVHuan at 2012-1-17 01:38

Less dollars, more yuan. Making progress, China. ^_^
Put out your right arm, hold back your left arm... <(=^.^=);

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Post time 2012-1-21 18:35:01 |Display all floors
(1,000th year minus 1 and counting).....

A journey of a thousand li starts with the first step.

Why not Shanghai?

Or, if wisdom permits, why not duo-Shanghai.London for a start?  It's interesting to draw the mechanism to see if this can work with brokers commission 90 percent China 8 percent London less currency tax remitted to Bank of China in London.

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Post time 2012-1-22 05:23:55 |Display all floors


Why with London???  HK should take up their own.  It will just make London share the piece of cake without any benefits to HK or China.  We don't need their opium anymore!

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Post time 2012-1-22 08:18:24 |Display all floors
China should never forget the abuses heaped on it by the hegemons - flooding China with opium and stealing the tea plants.

History is written in the pages of hearts - abuses should not be forgotten nor forgiven.

it is the mantra of the abusers that speaks of forgiving and forgetting.

China is the rising super power of the world - the zionists in the UK know this and seek to profit from the power of China - but China does not need these leeches and parasites - it is time to shift the power away from the so called "traditional" markets and let them choke on their own mistakes.
Man created god before god created man and the world has been in turmoil ever since. Dots freak some people out - so they join them with lines that aren't really there.

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Post time 2012-1-22 19:24:30 |Display all floors
kongque Post time: 2012-1-22 08:18
China should never forget the abuses heaped on it by the hegemons - flooding China with opium and st ...

Agreed!  China just needs to choose their partner on Yuen very carefully when working with Hong Kong.   British colonialism is still strong in the UK.  You are totally correct about they are seeking to profit from it and it has not benefits to China or HK.  HK should work with other financial cities ie in Europe.

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Post time 2012-1-22 21:12:53 |Display all floors
starfruit12 Post time: 2012-1-22 05:23
Why with London???  HK should take up their own.  It will just make London share the piece of cake ...

and we don't sell opium anymore, we import it like everything else

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