LONDON, Oct. 21 — Bank of China on Monday hosted a roadshow in London to promote the global use of the renminbi (RMB), as officials, financiers and policymakers from China and Britain explore new ways to deepen cross-border financial cooperation.
Nearly 100 representatives from the People’s Bank of China, the British government, the City of London, international financial institutions and think tanks attended the event, part of the bank’s 2025 Global RMB Internationalization Promotion Series.
Discussions focused on expanding the RMB’s role in international trade, investment and financial markets. Jenny Young, deputy director of trade and emerging markets at the British Treasury, said London is now home to more than 40 Chinese financial institutions and that Britain values its close cooperation with the Bank of China and other Chinese banks operating in the city.
“As China continues to play a pivotal role in the global economy, the development of RMB-denominated products presents real opportunities,” Young said.
“London has become the largest RMB hub outside Asia, serving as a vital conduit between Chinese markets and global capital, whether through trade finance, clearing, investment or foreign exchange.
RMB business in London is helping firms and investors access and engage with the Chinese economy more easily.” James Michael Douglas Thomson, deputy chair of policy and resources at the City of London Corporation, said London’s financial strength and China’s economic influence are becoming increasingly intertwined.
Having worked in the financial services sector himself, Thomson said he had witnessed firsthand how pivotal China has become in discussions about global trade and commerce.
Thomson cited the City’s latest data showing that London’s RMB trading volume rose by 43 percent in 2024 to about 172 billion pounds (230.6 billion U.S. dollars), while cross-border RMB transactions increased by more than 20 percent year-on-year.
“These figures highlight the steady progress of RMB internationalization and London’s vital role in supporting this process,” Thomson said, adding that the close partnership with China remains important and will continue to grow stronger.
At the event, Bank of China presented RMB Product and Project Awards to eight partner institutions in recognition of their achievements in innovation, service development and market promotion as part of efforts to foster a more open and collaborative global RMB ecosystem.
Since helping to launch London’s offshore RMB market in 2011, Bank of China’s London branch has played a leading role in developing RMB clearing, settlement and bond issuance services.
Leveraging London’s position as a gateway linking Europe, Africa and the Middle East, the branch remains among the top Chinese institutions in offshore bond underwriting across these regions. (1 British pound = 1.34 U.S. dollar). (Xinhua)
