London retains top spot for offshore renminbi trading

The capital continues to dominate, despite the Chinese currency's overall share of payments shrinking, Swift says

London
Capital value: "Despite uncertainties, London remains the uncontested FX leader” – Swift

The UK retained its position as the main offshore hub for trading the Chinese renminbi in the first quarter of this year – a reflection of the strong position that London continues to hold in the global foreign exchange market, according to payments infrastructure company Swift.

Figures published today show that in March, 36.6% of all renminbi FX transactions, excluding China, were conducted in the UK. Hong Kong followed with 29.3%, while the US and France shared third place with 7.3% each. Sin