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Yuan market in London doubles in first half of 2013
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THE offshore yuan market in London doubled in the first half of last year with an increasing amount of trade-related services and foreign exchange transactions, a City of London report said today.
Total trade-related services, including letters of credit, import financing and export financing, reached 27.9 billion yuan (US$4.6 billion) in the first half of 2013, and was 12 percent more than in the second half of 2012, said the report. It surveyed 12 banks in London conducting yuan businesses.
Import financing surged to 20.3 billion yuan in the first half of 2013 from 8.1 billion yuan a year earlier.
“Banks said a growing number of their customers, both importers to and exporters from China, are making trade payments in yuan, with Chinese corporations being the dominant players,” the report said.
Trading of foreign exchange products, including deliverable and non-deliverable ones, nearly doubled to 22.3 billion yuan from 11.6 billion yuan.
In foreign exchange activities, daily trade in the spot-yuan market rose by 98 percent in the first half of last year.
Deposits in London hit a record 14.5 billion yuan by the end of June 2013, mainly driven by accumulating interbank deposits, which rose by 67 percent year-on-year to 11.4 billion yuan.
Deposits in the accounts of both personal and corporate customers declined.
“Discussions with banks suggest the character of deposits in London is of a fairly small number of large deposits held for special reasons and moved frequently in search of better rates,” the report said. “The relative insignificance of yuan deposits in London reflects the city's role as a trading, financing and risk-management venue rather as a center for deposit taking.”
Yuan deposits in Hong Kong were 827 billion yuan as of the end of November, according to latest available data of Hong Kong Monetary Authority.
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