China Construction Bank celebrates 10 years as RMB clearing bank in UK

As China Construction Bank's London branch reached a cumulative renminbi clearing value surpassing 100 trillion yuan ($13.8 trillion) this year, the bank celebrated the 10th anniversary of its designation as the RMB clearing bank in the United Kingdom with an event in London on Thursday.

Around 150 representatives from government, business, finance, and academia—including officials from the UK Treasury and the People's Bank of China's European office—attended the event.

Li Yun, vice president of China Construction Bank, or CCB, welcomed the guests, highlighting that CCB's London branch, the first RMB clearing bank appointed by the People's Bank of China outside Asia in 2014, has actively fulfilled its duties with total clearing volume now exceeding 100 trillion yuan.

"The bank has played a vital role in supporting London's development as a global offshore RMB center. On this 10th anniversary of the UK's RMB clearing bank, CCB will continue to contribute significantly to strengthening China-UK financial cooperation and innovation," Li said.

Wang Qi, minister of the Chinese Embassy in the UK, also delivered a speech at the event, emphasizing that financial cooperation is a cornerstone of Sino-British economic and trade relations.

"China is committed to advancing high-level opening-up and will provide important opportunities for international cooperation, including with the UK," Wang said, expressing hope that both sides will work together to maintain stable and mutually beneficial development in bilateral relations.

In a congratulatory video address, Zhou Yongkun, a deputy director with the People's Bank of China, commended CCB's achievements in the local market. He also noted that the People's Bank of China will continue to enhance policy support for RMB clearing banks, and he encouraged CCB's London branch to leverage London's strengths in RMB financial product pricing and foreign exchange trading to further develop the offshore RMB market.

During the event, CCB also launched a China-UK over-the-counter bond service and released its 2024 RMB Internationalization Report.

Among those attending were Michael Mainelli, lord mayor of the City of London; Gerry Grimstone, former UK minister for International Trade and Business, Energy, and Industrial Strategy; James Meyer Sassoon, honorary chairman of the China-Britain Business Council and independent director of CCB; Douglas Flint, chairman of abrdn plc; Sherard Cowper-Coles, chair of the China-Britain Business Council; and Jack Perry Junior, chairman of the 48 Group.