China Construction Bank London branch's RMB clearing volume exceeds 40 tln yuan
China Construction Bank (CCB) Thursday held an event to celebrate the fifth anniversary of CCB London's launch of RMB clearing services, with a total clearing volume of 40 trillion yuan (about 5.72 trillion U.S. dollars).
Chinese Ambassador to Britain Liu Xiaoming extended his congratulations to CCB at the event, saying "CCB's RMB clearing services has also made London an important platform for RMB offshore transaction between China and other countries."
"London's success as that leading offshore center for RMB depends on many factors, including our competitiveness and our capacity for innovation. But it also depends on our relationships with key partners such as CCB," said Charles Bowman, the 690th Lord Mayor of London.
CCB Chairman Tian Guoli noted in his speech that since its appointment as the designated RMB clearing bank in Britain five years ago, CCB has continuously strengthened financial cooperation between Britain and China and promoted RMB internationalization.
London is now the world's largest RMB offshore trading hub and second largest RMB offshore clearing center, said Liu.