London keen on offshore yuan market
By Zhang Fengming |
April 13, 2011, Wednesday
|
Print Edition
Print Edition
THE City of London hopes to become an offshore yuan market as the Chinese currency continues to rise globally and its mayor is not worried about competition posed by Hong Kong.
"I think the market is big enough not just for Hong Kong," Alderman Michael Bear, Lord Mayor of the City of London, said in Shanghai yesterday. "A multi-location market could be made, though London may not be in the early stage of the development."
The yuan is growing enormously as trade grows, Bear said, joking that Hong Kong, which is being developed into be a major offshore yuan market, mustn't be too greedy.
The yuan's rise as a key trading currency or reserve currency is expected in "a not-so-distant future," he said. "When the day comes, London wants to be part of it."
China is ambitious to grow into a global financial market and to meet that goal the yuan must become a more global currency. Indeed the Chinese government has implemented several programs, including the cross-border trade yuan settlement and expanding the investment options of the local currency overseas, to boost the yuan's global reach.
Ma Jun, Deutsche Bank China's chief economist, told the Shanghai International Financial Forum that he expects the yuan to be fully convertible in five years.
He also forecast the yuan will become a reserve currency and account for 5 percent of global reserves in 10 years.
"I think the market is big enough not just for Hong Kong," Alderman Michael Bear, Lord Mayor of the City of London, said in Shanghai yesterday. "A multi-location market could be made, though London may not be in the early stage of the development."
The yuan is growing enormously as trade grows, Bear said, joking that Hong Kong, which is being developed into be a major offshore yuan market, mustn't be too greedy.
The yuan's rise as a key trading currency or reserve currency is expected in "a not-so-distant future," he said. "When the day comes, London wants to be part of it."
China is ambitious to grow into a global financial market and to meet that goal the yuan must become a more global currency. Indeed the Chinese government has implemented several programs, including the cross-border trade yuan settlement and expanding the investment options of the local currency overseas, to boost the yuan's global reach.
Ma Jun, Deutsche Bank China's chief economist, told the Shanghai International Financial Forum that he expects the yuan to be fully convertible in five years.
He also forecast the yuan will become a reserve currency and account for 5 percent of global reserves in 10 years.
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