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Renminbi trading in the UK is booming

 
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06/26/2015 07:05 AM
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Renminbi trading in the UK is booming
[link to www.telegraph.co.uk]


Forex trading in the Asian currency has grown six-fold in just four years

Renminbi trading in London is booming, according to a new report, in a boost to the Government's efforts to forge closer links with China.

Forex trading in the Asian currency has grown six-fold in just four years, while total deposits have jumped by more than a third in the past 12 months alone.

The report, written by Bourse Consult and published by the City of London Corporation, shows that financial business in China's currency is soaring in the UK capital.

Overall forex trading volumes jumped 143pc last year, compared with 2013, with average daily volumes reaching $61.5bn (£39.1bn). This was nearly six times as large as the volumes in Bourse Consult's first survey in 2011.........

This growth will be supported by China's long-awaited international payments system to process cross-border yuan transactions, which could be launched as soon as September. The move should greatly increase global usage of the Chinese currency by cutting transaction costs and processing times.

The International Monetary Fund is also considering adding the yuan to its basket of currencies, which would raise the country's standing in the global financial system.

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06/26/2015 07:10 AM
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Re: Renminbi trading in the UK is booming
Fuck China kill it with fire!





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