A new report from the Chinese central bank highlights a rise in renminbi settlement in London.
The latest “London RMB Business Quarterly” (伦敦人民币业务季报) indicates that during the first 11 months of 2019 Sino-UK cross-border renminbi settlement rose to a new high of 589.3 billion yuan, for a YoY rise of 66%.
Cross-border yuan receipts were 272.8 billion yuan, while payments hit 316.5 billion yuan, for a net inflow of 43.7 billion yuan into the UK.
The London Stock Exchange saw a 15.5% YoY increase in its new Dim Sum bond issuance for the period from January to November, for an increase in the issuance sum of 2 billion yuan.
As of the end of November there were 109 Dim Sum bonds listed on the London Stock Exchange, with an outstanding value of 34.59 billion yuan , and weighted average coupon rate of 4.25%.
The Quarterly released on 3 February was prepared by the People’s Bank of China’s (PBOC) European representative office in conjunction with the City of London.
The Quarterly further indicates that the London branch of the China Construction Brand cleared nearly 3 trillion yuan between September and November 2019, for a YoY rise of 22.7%.