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RBS Starts UK-Based China Office
The Royal Bank of Scotland has set up a dedicated office in London to help EU and Chinese firms do business, a reflection of the UK's ambition to become a major offshore RMB trading hub.
RBS says the office will offer advice and assistance to companies engaged in CHina business, including information on regulatory standards. The team will be led by Janet Ming, head of corporate sales in Shanghai for the UK in China. HSBC also have a similar strategy, which is introducing offshore RMB services with Paul Gooding in the lead, their former head of credit trading in Europe.
Building London into a key RMB trade centre is a key goal of the British government, which is also the controlling shareholder in RBS since the financial crisis. UK Chancellor George Osborne and Chinese Vice Premier Wang Qishan announced plans last month to help private firms explore RMB trading opportunities in the London.
The Hong Kong Monetary Authority has also promised to extend RMB settlement systems to allow all day trading in the UK. Current estimates place the UK with around 15% of global offshore RMB trade. However, the Chinese currency is still a minor trading currency, with just 0.29% of global trades in RMB.