中国和英国在促进找到共同点the Renminbi

在他第一次州访问U.K.期间，主席习金平exchanged champagne toasts with Queen Elizabeth II, delivered a speech to the British Parliament and sealed a number of trade deals, including a major Chinese investment in a British nuclear power plant. But much of the Chinese leader’s most important business was financial, including a flurry of deals designed to foster the rise of the renminbi as an international currency — and make London the primary center for trading it.

“London is already the world’s largest foreign exchange market, and you can’t be the leading forex market and ignore a country that is already quite significant and growing very rapidly,” says Mark Boleat, policy and resources chairman at the City of London Corp., which is the governing body for the City’s square-mile financial district.

On October 20, the first full day of Xi’s four-day visit, the People’s Bank of China issued its first renminbi-denominated bonds outside of China and Hong Kong, a 5 billion yuan ($787 million) offering arranged by the Industrial and Commercial Bank of China and HSBC Holdings. Although other entities have issued offshorerenminbibonds, known as dim sum bonds, this was China’s first sovereign debt offering outside of Asia. The one-year bills carried a 3.1 percent interest rate, below an initial indication of 3.3 percent but above the 2.75 percent rate on comparable debt on the mainland.

此外，中国和英国同意将货币交换线扩展到200亿至3500亿元，将被用作流动性反龙门，以支持伦敦人民币市场，越来越多地使用货币资助贸易交易。

The U.K. has moved aggressively to promote London as a leading offshore renminbi center, beginning with the establishment of the initial swap line two years ago. Last year the British government became the first Western country to issue bonds in the Chinese currency, selling 3 billion yuan of three-year bonds in the London market.

On the eve of Xi’s visit, CME Group signed a memorandum of understanding with China Construction Bank to enhance the liquidity of the London futures market. In May the Chicago-based exchange operator launched a derivatives exchange in London, dubbed CME Europe, that trades a renminbi futures contract, but that contract is currently settled in Hong Kong. Under the new arrangement, CCB will arrange settlement in London, beginning in December.

“当你在伦敦时期在香港安顿下来时，你必须通过将钱放在前面，特别是美国贸易商的努力，”伦敦CME的外汇产品负责人帕特里克表示，“尤其是美国贸易商。CME还在美国举行的人民币合同。

Patrick said one of the advantages of the new deal is that the renminbi futures contract is centrally cleared, which mitigates counterparty risk. This is important for many traders because China has not yet joined CLS, the U.S. financial intermediary that settles foreign exchange trades and removes settlement risks, making spot renminbi trades more credit-intensive.

EBS Brokertec Markets的联合主管德里尔·妓女（EBS Brokertec Markets）是一家交易外汇和债券的在线平台，表示全球交易者的巨大上诉之一是其时区，与亚洲和美洲重叠。“远离人民币的最大交易是在伦敦交叉口，”妓女说，参考了伦敦时间和3至下午3至下午3点到10点的三小时。香港时间，两家市场都开放。“我们在CNH的现场市场中的大约60％责任，”他补充说，使用离岸人民币的指定来增加。在中国以外不法交易的陆上人民币是标有CNY。

“I think it’s China’s ambition to have London as its major trading center because it is where the bulk of euros, yen and Swiss francs are already traded,” Hooker says. “So it’s natural the renminbi will be heavily traded in London, and that’s something the Chinese are comfortable with.”

London already accounts for about 40 percent of global trade in foreign exchange, according to the Bank for International Settlements, and the embrace of the renminbi is designed maintain that leading position as international use of the Chinese currency expands. Five major Chinese banks now have operations in London, and two more are on their way to being established, according to the City of London’s Boleat.

According to the banking network SWIFT, the renminbi in August became the world’s fourth-largest payments currency, behind the dollar, euro and British pound. The Chinese currency overtook the Japanese yen and accounted for 2.79 percent of global payments that month. As recently as August 2012, it was a lowly 12th place in terms of global payments, SWIFT said.

预计国际货币基金组织将于11月份决定是否将人民币纳入其特殊的绘制权货币篮子。北京一直在开辟金融市场并采取其他措施，包括在8月份的令人惊讶的转变，以其计算人民币日常固定的方法，实现SDR状态，推动单位作为世界储备货币。

The renminbi “is ticking all the right boxes to be included in the Special Drawing Rights,” Paul Mackel, head of Asia-Pacific FX research at HSBC in Hong Kong, wrote in a client note this week. Such a move would not have a big impact on central bank reserve holdings immediately, he added, but “confidence in the renminbi and, hence, voluntary reserve diversification flows into China could rise with endorsement of SDR inclusion.”