London rubber-stamps deal for offshore RMB

chinatown

With twice as many dollars traded in London than the US and an even greater multiple of euro-based activity relative to the eurozone itself, it is unsurprising that Chinese authorities have opted for the UK capital as an international centre for the RMB. Time zone, know-how and crucially liquidity were the reasons that just a day after the People's Bank of China inked a bilateral swap deal with the European Central Bank, it signed a far more comprehensive deal with the UK government.

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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