London set to become dominant RMB hub
Renminbi a huge opportunity for offshore participants
Hong Kong, Singapore and London will increase their lead over other financial centres in the offshore renminbi market over the next few years, and they are set to become the dominant hubs for trading the currency by 2020, according to Fred DiCocco, Asia-Pacific head of sales & relationship management for BNY Mellon's treasury services business.
"Hong Kong is still the undisputed number-one offshore RMB payments centre, with a 71% market share, but its leadership position is slowly eroding
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