End Times and Current Events
August 24, 2019, 08:24:48 am
Welcome, Guest. Please login or register.

Login with username, password and session length
News: Welcome To End Times and Current Events.
 
  Home Help Search Gallery Staff List Login Register  

London Takes Lead Seizing on China’s Yuan Push as Trading Starts

Shoutbox
August 08, 2018, 02:38:10 am suzytr says: Hello, any good churches in the Sacto, CA area, also looking in Reno NV, thanks in advance and God Bless you Smiley
January 29, 2018, 01:21:57 am Christian40 says: It will be interesting to see what happens this year Israel being 70 years as a modern nation may 14 2018
October 17, 2017, 01:25:20 am Christian40 says: It is good to type Mark is here again!  Smiley
October 16, 2017, 03:28:18 am Christian40 says: anyone else thinking that time is accelerating now? it seems im doing days in shorter time now is time being affected in some way?
September 24, 2017, 10:45:16 pm Psalm 51:17 says: The specific rule pertaining to the national anthem is found on pages A62-63 of the league rulebook. It states: “The National Anthem must be played prior to every NFL game, and all players must be on the sideline for the National Anthem. “During the National Anthem, players on the field and bench area should stand at attention, face the flag, hold helmets in their left hand, and refrain from talking. The home team should ensure that the American flag is in good condition. It should be pointed out to players and coaches that we continue to be judged by the public in this area of respect for the flag and our country. Failure to be on the field by the start of the National Anthem may result in discipline, such as fines, suspensions, and/or the forfeiture of draft choice(s) for violations of the above, including first offenses.”
September 20, 2017, 04:32:32 am Christian40 says: "The most popular Hepatitis B vaccine is nothing short of a witch’s brew including aluminum, formaldehyde, yeast, amino acids, and soy. Aluminum is a known neurotoxin that destroys cellular metabolism and function. Hundreds of studies link to the ravaging effects of aluminum. The other proteins and formaldehyde serve to activate the immune system and open up the blood-brain barrier. This is NOT a good thing."
http://www.naturalnews.com/2017-08-11-new-fda-approved-hepatitis-b-vaccine-found-to-increase-heart-attack-risk-by-700.html
September 19, 2017, 03:59:21 am Christian40 says: bbc international did a video about there street preaching they are good witnesses
September 14, 2017, 08:06:04 am Psalm 51:17 says: bro Mark Hunter on YT has some good, edifying stuff too.
September 14, 2017, 04:31:26 am Christian40 says: i have thought that i'm reaping from past sins then my life has been impacted in ways from having non believers in my ancestry.
September 11, 2017, 06:59:33 am Psalm 51:17 says: The law of reaping and sowing. It's amazing how God's mercy and longsuffering has hovered over America so long. (ie, the infrastructure is very bad here b/c for many years, they were grossly underspent on. 1st Tim 6:10, the god of materialism has its roots firmly in the West) And remember once upon a time ago when shacking up b/w straight couples drew shock awe?

Exodus 20:5  Thou shalt not bow down thyself to them, nor serve them: for I the LORD thy God am a jealous God, visiting the iniquity of the fathers upon the children unto the third and fourth generation of them that hate me;
View Shout History
Pages: [1]   Go Down
  Print  
Author Topic: London Takes Lead Seizing on China’s Yuan Push as Trading Starts  (Read 366 times)
Psalm 51:17
Global Moderator
Hero Member
*****
Offline Offline

Posts: 28357


View Profile
« on: June 19, 2014, 04:45:11 pm »

London Takes Lead Seizing on China’s Yuan Push as Trading Starts
http://www.bloomberg.com/news/2014-06-18/china-s-yuan-to-start-direct-trading-with-british-pound-tomorrow.html
6/18/14

By clinching a deal allowing the direct exchange of the yuan for British pounds, the U.K. got the jump on European counterparts grappling to become a hub for the most-used currency in global trade after the U.S. dollar.

While four other nations had already signed such accords with China, the U.K.’s deal yesterday made it the first European country to do so. London has been competing with cities including Frankfurt to become Europe’s offshore yuan hub. Direct trading of the yuan-pound pair is scheduled to start today.

“Given the sheer pace and scale of growth in renminbi trade, the opportunity for London cannot be overstated,” Peter Sands, group chief executive at Standard Chartered Plc in London, said by e-mail yesterday. “The appointment of an official clearer is a logical step in London’s development as a leading offshore renminbi center.”

China is seeking to strengthen commercial relations with countries including the U.K. as Premier Li Keqiang this week outlined a goal to expand trade with the country to $100 billion by the end of 2015.

“We are keen to see the renminbi reach its next stage of development through expanded use as an investment currency, and view the establishment of a liquidity pool in London as a critical step in that process,” Evan Goldstein, Deutsche Bank AG’s global head of renminbi services in Hong Kong, said in an e-mailed statement yesterday.

The People’s Bank of China appointed China Construction Bank Co., the nation’s second-largest lender, as London’s first yuan clearing bank yesterday.

Lowering Costs

The pound is the fifth major currency to trade directly against the yuan in Shanghai, joining the Australian and New Zealand dollars, the Japanese yen and the U.S. dollar and beating plans by Singapore and South Korea. The yuan overtook the euro in December to become the most used currency in global trade finance after the dollar, according to HSBC Holdings Plc. It will become fully convertible in the next two to three years.

The introduction of the currency pair will help lower foreign-exchange transaction costs between the U.K. and China, the PBOC said in a statement yesterday.

The bank announces a daily reference rate for the yuan against the British pound at around 9:15 a.m. in Shanghai on each trading day, even prior to the start of the direct trading. The rate was set at 10.4413 per pound yesterday, compared with 10.4439 the previous day, according to the China Foreign Exchange Trade System.

Market Development

Direct trading means the fixing will be computed without involving a cross rate with the U.S. dollar. HSBC was selected by the PBOC to be among the first batch of market makers for the direct trading of the Chinese and British currencies.

“Long-term financing in renminbi is much needed to support the real economy and further develop the next phase of China’s market development,” Spencer Lake, global head of capital financing at HSBC in London, said by e-mail yesterday.

China’s currency ranked seventh for global payments in April, according to the Society for Worldwide Interbank Financial Telecommunications, and the U.K. trailed both Hong Kong and Singapore in handling these transactions.

Singapore announced plans to start direct trading between its currency and the yuan in October, while South Korea is making preparations for a direct link of the won and the yuan, aiming to start it within the year, Reuters reported yesterday, citing Choi Hee-nam, head of the finance ministry’s international finance bureau.

“Connecting British firms and markets to China’s extraordinary expansion is a key part of our economic plan, because it brings jobs and investment to our country,” George Osborne, Chancellor of the Exchequer, said in a statement yesterday.
Report Spam   Logged



Pages: [1]   Go Up
  Print  
 
Jump to:  

Powered by EzPortal
Bookmark this site! | Upgrade This Forum
Free SMF Hosting - Create your own Forum

Powered by SMF | SMF © 2016, Simple Machines
Privacy Policy