www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Economy

Europe helps boost yuan use internationally

By Cecily Liu (China Daily) Updated: 2014-09-29 06:56

Trade in offshore renminbi has since boomed. Increasing Chinese exports have also led to a surge in demand for renminbi outside China as Chinese exporters increasingly expect to be paid in their own currency to eliminate exchange risks.

Initiatives from Beijing to internationalize the renminbi have created great competition among global financial centers across Europe, Asia and the US to gain a bigger share of the pie.

Asian financial centers like Singapore are following Hong Kong's footsteps to grow offshore renminbi activities, fully utilizing their advantage of geographical proximity to the onshore mainland market.

In Europe, competition has been particularly strong between London and Luxembourg, with London being the famous financial center for banks and foreign exchange, and Luxembourg a global center for funds.

One issue that has received great attention in recent years is fierce lobbying by Chinese banks to establish branches in London, threatening that they would shift investment to Luxembourg if this could not be achieved.

Since the financial crisis in 2008, the UK regulator has made it almost impossible for foreign banks to set up branches in the country. Banks with branches would have had lending and financing capacity proportional to the parent company's balance sheet.

Subsidiaries, in contrast, are subject to the strict capital requirements that apply to UK's local banks, so lending and financing capacity is proportional to the balance sheet of the subsidiary itself.

Years of lobbying led to substantial regulatory changes last year, and this month ICBC received its branch license for London.

Michelle Chen, a partner at the London-headquartered law firm Squire Sanders, says the granting of the branch license to ICBC and potentially other banks in the future supports the process of yuan globalization in London.

"The significance is not just for ICBC," Chen says. "I believe more Chinese banks will be granted branch licenses in the UK over time."

Meanwhile, another significant outcome of the UK-China Economic and Financial Dialogue is the creation of a private sector working group to help develop China's onshore bond market further.

Chaired by the International Capital Markets Association in Zurich and China's National Association of Financial Market Institutional Investors, the working group will bring together experts from financial institutions in London and China to help China further develop an onshore bond market.

Spencer Lake, global head of capital financing at HSBC Holdings Plc, who is also deputy chairman of the International Capital Markets Association, says his team is looking forward to working with policymakers and industry experts, including the association and the National Association of Financial Market Institutional Investors, to build closer links between the UK and China capital markets.

Europe helps boost yuan use internationally

Europe helps boost yuan use internationally

Yuan-denominated green bond debuts in London 
Bank of China gets yuan mandate in Frankfurt 

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 欧美一级在线看 | 亚洲国产爱久久全部精品 | 国产精品高清一区二区 | 国产成人看片免费视频观看 | 91最新地址永久入口 | 欧美成人亚洲高清在线观看 | 日本免费一二区视频 | 亚洲国产一区在线精选 | 久久国产亚洲精品 | 欧美成人www在线观看网页 | 高清三级毛片 | 成人午夜做爰视频免费看 | 欧美精品国产一区二区三区 | 特级毛片全部免费播放a一级 | 国产视频综合 | 国产视频97 | 国产无限制自拍 | 精品亚洲永久免费精品 | 成年人黄色片 | 7777视频| 日韩中文字幕在线视频 | 成人7777| 午夜视频在线观看一区二区 | 亚洲最新在线 | 国产一级内谢a级高清毛片 国产一级片毛片 | 国产激情一区二区三区成人91 | 一本色道久久综合亚洲精品 | 在线免费观看国产视频 | 国产伦理久久精品久久久久 | 久草视频免费播放 | 制服丝袜怡红院 | 精品欧美成人高清视频在线观看 | 久久网站免费观看 | 欧美一级性视频 | 国产精品日韩欧美 | 欧美精品一级毛片 | 亚洲午夜综合网 | 久热香蕉在线视频 | 九草在线免费观看 | 在线国产一区二区三区 | 香蕉久久综合精品首页 |