男女羞羞视频在线观看,国产精品黄色免费,麻豆91在线视频,美女被羞羞免费软件下载,国产的一级片,亚洲熟色妇,天天操夜夜摸,一区二区三区在线电影

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: 东乌珠穆沁旗| 平阳县| 宜宾县| 遂宁市| 塔城市| 普陀区| 沂源县| 阳曲县| 科尔| 金塔县| 安西县| 同仁县| 新干县| 沙雅县| 文化| 河间市| 汤原县| 普陀区| 繁昌县| 博爱县| 汝城县| 浙江省| 武川县| 陆川县| 中牟县| 中阳县| 嵩明县| 南皮县| 大冶市| 佛学| 锡林郭勒盟| 阿拉善右旗| 景泰县| 温州市| 营口市| 手游| 大同县| 工布江达县| 富阳市| 陈巴尔虎旗| 修文县| 稻城县| 涟水县| 科尔| 泰和县| 兰坪| 开原市| 黄浦区| 集贤县| 比如县| 屯门区| 南宁市| 尚义县| 张家川| 柳林县| 宣化县| 视频| 高密市| 扎兰屯市| 抚松县| 绵阳市| 历史| 乌兰浩特市| 山阳县| 桐乡市| 田阳县| 刚察县| 沙河市| 平江县| 泽普县| 册亨县| 安岳县| 平江县| 姜堰市| 塔河县| 瓦房店市| 阜宁县| 宁陕县| 绥中县| 永德县| 西畴县| 温泉县|