April 17, 2019 / 10:42 AM / 6 months ago

Offshore yuan turnover rises in London - City of London Corp

FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration

LONDON (Reuters) - Daily turnover in the Chinese currency in London rose by nearly half in the last three months of 2018 compared with the same period in 2017, topping 76 billion yuan (£8.72 billion), a report by the City of London Corporation showed on Wednesday.

Though turnover was broadly stable from a quarter earlier, the pickup in volume in the yuan from a year earlier mirrored other surveys such as the half-yearly report by the Bank of England published in January.

Dollar/yuan turnover increased to $73 billion per day, its highest absolute turnover to date, overtaking turnover in the British pound.

The Chinese currency has seen strong trading interest in European hours, with a market share of around 30 percent with spot and forwards seeing the most volumes.

Despite the increased turnover, offshore yuan deposits in London dipped with the balance at end-December 2018 totalling 56.2 billion yuan, down by a tenth from the previous year, according to the report.

Beijing has been trying to promote international trading of the renminbi but the currency’s share of international payments remains tiny at 2.15 percent, according to a January report by global payments tracker SWIFT.

Reporting by Saikat Chatterjee; Editing by Hugh Lawson

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