British Consul Caroline Wilson addresses LSE Forum on RMB in Hong Kong

Earlier this week, British Consul General to Hong Kong Caroline Wilson addressed the London Stock's (LSE) Greater China Forum event on the topic of London as an RMB offshore centre.

This was the first time that the Forum—the LSE's flagship issuer and investor event in Asia for 2014—was held in Hong Kong. The Consul General explained that the RMB is a priority area for the U.K. Government and outlined the milestones that the U.K. has passed in 2013 and 2014 in establishing itself as the second global RMB hub after Hong Kong, including a currency swap line agreement, receiving the first RQFII quota granted outside of Greater China, and seeing the first European RQFII funds listing on the LSE at the start of 2014.

Commenting on the striking results, the Consul General said, "London's share of the global RMB market jumped from 9% at the end of 2012 to 15% by April of this year. Given the pace of growth in the RMB market overall, this means the volume of RMB activity taking place in London grew by around 150% during 2013."

Please click here to read the full press release by the British Consulate General Hong Kong.