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Yuan clearing bank sought for London
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Britain and China are actively discussing the setting up of a clearing bank in London, an offshore yuan hub, in a move that will consolidate the city’s position as a financial leader in Europe, British finance minister George Osborne said yesterday.
Setting up a clearing bank in London is also in line with China’s ambition to internationalize the yuan and promote awareness of the currency among western companies.
“The UK and Chinese governments are in active discussions now about the appointment of a yuan clearing bank in London, recognizing London’s role as the Western center of offshore yuan trading,” Osborne said in a speech at the British Chamber of Commerce Hong Kong.
London is now the only offshore yuan center without a local clearing bank for the currency but the market has backed the idea of setting up a local clearing bank to facilitate the yuan business.
The use and trading of the yuan in London has boomed since April 2012. The trading of foreign exchange products, including deliverables and non-deliverables, nearly doubled to 22.3 billion yuan in the first half of 2013 from 11.6 billion yuan a year earlier, a City of London report said.
A bank source said the Bank of China and the Industrial and Commercial Bank of China are the top candidates to be the yuan clearing bank.
ICBC is now the clearing bank for Singapore and BOC for Taiwan.
The Sydney branch of BOC this week allied with the Australian Securities Exchange on yuan settlement services.
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