Pound named as direct forex currency
Print Edition
CHINA’S central bank said yesterday that direct foreign exchange deals between the yuan and British pound are now allowed on the China Foreign Exchange Trade System.
The move will help deepen financial ties between the two nations and promote the use of the Chinese currency in global trade and investment, the People’s Bank of China said.
“This is a big step in strengthening economic and trade relations between China and the United Kingdom,” it said, adding that direct trading will also help lower the cost of foreign exchange transactions.
The statement came a day after China and the UK agreed to expand bilateral trade to US$100 billion next year and signed deals worth 14 billion pounds (US$24 billion) during Premier Li Keqiang’s visit to the UK.
The pound is the fifth currency to be allowed to trade directly against the yuan on the Shanghai-based system, after the Australian, New Zealand and US dollars, and the Japanese yen.
Meanwhile, the PBOC yesterday confirmed the appointment of China Construction Bank as the first clearing service for offshore yuan trading in London.
Choosing London to host the first yuan clearing bank outside Asia is expected to strengthen its position as Europe’s offshore yuan center.
“London is the largest offshore yuan market, so the UK should really seize on this momentum to consolidate its position as one of the most important offshore yuan markets outside Asia,” Li said at an event in London on cooperation in foreign exchange markets.
British finance minister George Osborne said the yuan’s growth would be one of the major changes in global finance over coming decades.
According to a recent report, London last year maintained its position as the global leader in the offshore yuan market, with yuan-denominated trade and financing gaining 10 percent from 2012 to 43 billion yuan (US$6.9 billion).
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