Renminbi Broker

Trade the Chinese Renminbi RMB via a UK Currency Broker.

China has granted exclusive rights to London to become the only offshore Chinese Renminbi RMB Currency Trading center in the world.

China to back London as offshore renminbi centre China is for the first time to give formal backing to moves by British banks to turn the City of London into an offshore trading centre for the renminbi, UK government officials, the FT reports. As George Osborne, the chancellor, prepares to hold talks in London with Wang Qishan, the Chinese vice-premier, on Thursday British officials say a joint statement by both countries backing the growth of renminbi trading in London is set to be the centrepiece of their meeting.

CHINESE authorities are set to approve the trading of the renminbi by British banks in London, it emerged last night. China has been gradually relaxing its control of the yuan over the last 12 months. The news came after a think tank under China’s cabinet endorsed internationalising the yuan, particularly to neighbouring markets. The stride towards an international yuan may be slow, but it is essential as China is still a small player in global financial markets, which is at odds with its status as a world economic and political power, the think tank said. British officials told the Financial Times newspaper that a joint statement will be made later this week, backing the growth of renminbi trading in London.