日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

London set for a role in yuan transactions

Updated: 2012-01-17 09:39

By Oswald Chen,Emma An and Wang Xiaotian (China Daily)

  Comments() Print Mail Large Medium  Small

 London set for a role in yuan transactions

A bank clerk counting dollars and yuan at Industrial and Commercial Bank of China in Jiujiang city, Jiangxi province. Officials say it's clear that there is scope for a substantial expansion of the yuan market in the coming years. [Photo/Xinhua]

Cooperation planned with HK in clearing, settlement and liquidity

HONG KONG/beijing - London is set to become a major offshore trading center for the yuan, as Britain teams up with Hong Kong to develop such business.

The Hong Kong Monetary Authority (HKMA) and the UK Treasury on Monday agreed to launch a private-sector forum to strengthen links between Hong Kong and London in such areas as clearing and settlement, market liquidity and the development of new yuan-denominated products, the HKMA said in a news release.

The forum will have representatives from financial institutions in Hong Kong and London, including HSBC Holdings PLC, Standard Chartered PLC, Bank of China Ltd, Deutsche Bank AG and Barclays PLC. It will meet twice a year, and the first meeting will be held in Hong Kong in May, it said.

China and Britain agreed in September to cooperate on the development of the offshore yuan business and develop London into an offshore yuan market.

UK Chancellor of the Exchequer George Osborne said in Hong Kong on Monday that the intention was to "establish London as a new hub" for the yuan.

"It's clear that there is scope for a substantial expansion of the yuan market in the coming years," he told a meeting of Asian finance officials and executives.

He added that London was perfectly placed to be a gateway for Asian investment and banking to Europe and as a bridge to the United States.

Osborne said establishing London as an offshore center for yuan-denominated settlements will benefit China's economic development as well as Britain's.

China's rapid growth had provided opportunities that Europe should seize as it struggled to emerge from the sovereign debt crisis. Britain's merchandise exports to China rose 20 percent in 2010, a measure of the importance of Asia to Britain's long-term economic growth, said Osborne, who is visiting Hong Kong, Beijing and Tokyo to strengthen business ties, especially in financial services, infrastructure and innovation.

The HKMA plans to extend the operating hours of the yuan real-time settlement system to 15 hours by the end of June, to accommodate London and other European markets to settle offshore yuan payments.

"The fact that China will open its third yuan offshore market in London is a strategic decision for the world's second-largest economy to increase the convertibility of the yuan and evolve the yuan into a reserve currency globally," said David Wang, executive director of the Royal Bank of Scotland (China) Co Ltd. He said a deeper economic partnership and a stronger willingness to cooperate underpin the establishment of such an offshore market.

China and Britain aim to increase annual bilateral trade to $100 billion from the current level of $50 billion to $60 billion.

"The move is necessary, given China's growing investment in the UK and the wider eurozone, as well as its increasing trade with the region," said Daniel Chan, chief economist at BWC Capital Markets.

Kevin Lai, an analyst at Daiwa Securities Capital Markets Co Ltd, said that internationalization of the yuan will require more than one offshore yuan business center.

"However, the lack of a natural funding pool could undermine efforts to establish London as a new hub for the offshore yuan business," he said.

Hong Kong's yuan liquidity pool, which grew significantly over the past two years, meant that it was well-placed to help with the development of the offshore yuan market in London, Chan said.

The new cooperative agreement "means that London recognizes Hong Kong as the major yuan trade settlement center", said Andrew Fung, executive director of Hang Seng Bank.

Nicholas Kwan, head of research at the Standard Chartered Bank (Hong Kong) Ltd, warned that competition between the two financial centers would likely increase.

"As time passes, the development of offshore yuan businesses may (lead to) market competition that both parties may not have anticipated. We must monitor market developments closely."

AFP contributed to this story.

 

主站蜘蛛池模板: 午夜久久视频 | 一区二区三区精品视频在线观看 | 一级黄色大片 | 久久午夜国产精品 | 亚洲污片 | 久久理伦 | 69福利区 | 日日爽爽 | 亚洲国产mv | 男人天堂综合 | 国产成人综合视频 | 久久精品视频一区 | 九九国产精品视频 | 欧美在线国产 | 丝袜美腿小色网 | 在线观看国产欧美 | 蜜桃成人| 国产午夜精品在线 | 欧美另类性 | 欧美日韩亚洲系列 | 日韩在线视频二区 | 午夜免费视频 | 中文字幕av一区二区三区 | 色播一区 | 51精品视频 | 四虎中文字幕 | 日韩一级片在线观看 | 国产成人av一区二区 | 激情小视频在线观看 | 久久精品www人人爽人人 | 亚洲人成免费 | 日本黄色免费视频 | 亚洲精品亚洲 | 欧美特黄一级片 | 天天操 夜夜操 | 成人在线高清视频 | 加勒比在线视频 | 男人的天堂欧美 | 亚州av网| 永久免费在线视频 | 国内精品小视频 |