U.K., Hong Kong set up forum to foster yuan trade
HONG KONG (MarketWatch) — The U.K. took a step towards becoming an offshore center for yuan trading on Monday, after agreeing to set up a private-sector forum to help support the development of the market in association with counterparts in Hong Kong. The forum will explore ways to enhance the trading links between Hong Kong and London in terms of clearing and settlement systems, market liquidity, and yuan-denominated financial products, according to a joint statement by the Hong Kong Monetary Authority and the U.K. Treasury. The forum will meet twice yearly and include participation by HSBC, Standard Chartered, Bank of China, Deutsche Bank, Barclays, the statement said.
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