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Banks Back London as Western RMB Hub

The City of London Corporation has launched an initiative to strengthen London’s position as the leading western hub for international renminbi trading and to boost the RMB’s wider international use for trade and investment. Several major banks are backing the initiative including Bank of China, Barclays, Deutsche Bank, HSBC and Standard Chartered, with observers from HM Treasury, the Bank of England, and the Financial Services Authority.  The initiative will help deliver a private and public sector strategy for London to become a centre for RMB products and services, complementing Hong Kong and other financial centres. It will also seek to provide leadership to the wider financial markets on technical, infrastructure and regulatory issues relating to the RMB product and services in London. George Osborne, the UK’s Chancellor of the Exchequer, says, “I welcome this initiative, which will further strengthen London’s development as the leading western hub for the international r...

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