Theresa May today announced the launch of R5-SHCH Connect, a new service which links banks in China with London’s FX market.
May announced that the service was live whilst in Shanghai, as part of her first visit to China as Prime Minister. R5 was invited to join the delegation of British businesses on the Prime Minister’s visit, which includes HSBC, LSE, BP, Standard Chartered and Standard Life Aberdeen.
The R5-SHCH Connect is designed to enable domestic banks in China to access the London FX market. The new service is a partnership between London’s R5 and the Shanghai Clearing House, announced by UK Chancellor Philip Hammond in December as part of the 9th UK China Economic Dialogue.