Don't expect Europe's renminbi progress to be fast

China is succeeding in speeding up renminbi internationalisation across Europe but the pace may not be as fast as in Asia, where the currency is rapidly winning over markets.

China is succeeding in speeding up renminbi internationalisation across Europe but the pace may not be as fast as in Asia, where the currency is rapidly winning over markets.

After a long-time in the making, the People’s Bank of China PBoC last week appointed China Construction Bank and Bank of China as renminbi clearing banks in London and Frankfurt respectively the first outside Asia.

One day later, China’s central bank mandated a first batch of market-makers for direct trading between renminbi and the British pound on the interbank foreign exchange market. At least five banks, including Bank of Communications, Citic Bank, Deutsche...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222