LONDON, April 17 (Xinhua) -- London continued to thrive as an offshore Chinese currency Renminbi (RMB) hub, according to a report published on Wednesday by the City of London Corporation and the People's Bank of China Europe Representative Office.
The 3rd London RMB Business Quarterly showed that the average daily trading volume of the Chinese currency in London in Q4 2018 was 76.6 billion pounds (about 100 billion U.S. dollars), up 45 percent year-on-year.
Cross-border receipts and payments between China and Britain also saw growth, hitting approximately 29.9 billion RMB in February 2019, up nearly 50 percent compared with the same month a year ago.
Catherine McGuinness, policy chair in City of London Corporation, said: "this report, which comes amidst unprecedented uncertainty in the UK economy, shows that the fundamentals of London remain strong, particularly in terms of foreign exchange."
"With trading volumes of RMB beating those of the pound against the euro late last year in London, it is obvious that investor appetite for the currency remains strong in the UK," McGuinness said. Enditem (1 pound equal to 1.30 U.S. dollars)
