The Bank of Englandis facing calls to support renminbi trading in London, as bankers meet this week to discuss how to boost the nascent market in China’s tightly controlled currency.
Top investment banks in London have asked the BoE to provide a swap line with the People’s Bank of China that they say would shore up confidence among companies and investors who are nervous of trading the renminbi due to liquidity concerns.
China’s currency remains tightly controlled and cannot be traded freely outside the country. Under a swap agreement, central banks agree to exchange each other’s currency and can then lend the money out to domestic banks to improve liquidity.
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