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THE UK, the world’s largest single foreign-exchange trading center, has overtaken Singapore as the second-largest offshore clearing center for yuan by March, a market survey revealed.
The value of the UK’s yuan payments surged 21 percent between March 2014 and March 2016, according to data from the Society for Worldwide Interbank Financial Telecommunication, a financial transaction system. The growth pushed the UK to account for 6.3 percent of all offshore transactions using the yuan, while Singapore has slipped to third place at 4.6 percent. But both markets still trail Hong Kong, which processes 72.5 percent of offshore yuan payments.
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Stephen Gilderdale, managing director for UK, Ireland and Nordics at SWIFT, attributed the steady growth in the yuan’s clearance to China Construction Bank’s UK branch, which opened in June 2014.The UK’s overtaking Singapore reflected a growing importance that European companies were placing on their commercial relationships in China, according to analysts.
“As other regional cities such as Frankfurt and Paris strive to increase their yuan business, the outlook for European trade and investment flows with China looks increasingly bright,” said Eddie Norton, regional head of payments and cash management at HSBC Europe.
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