Wednesday 16 October 2013

London to become Chinese Offshore banking centre

Bendera berkibar tergantung dari ‘Bank of China’ pejabat di Kota London  (A flag hangs from the Bank of China offices in the City of London (Reuters/Toby Melville - think IN pictures @1WORLDCommunity)

MaliaJYy - Britain telah melonggarkan peraturan yang ketat bagi bank-bank Cina bersedia untuk melabur di London. Beijing pula membuka pasaran kepada pelabur yang berpangkalan di Britain, menandakan langkah terbaru untuk menubuhkan yuan sebagai salah satu mata wang utama di DUNIA.

“Sebuah negara yang besar seperti China perlu mempunyai mata wang global,” kata UK menteri kewangan , George Osborne, semasa 5 hari lawatan rasmi ke China. Dan UK adalah dengan senang hati bersedia untuk menyumbang” melalui pusat antarabangsa kewangan : London”

Di bawah program perintis bersetuju, China dibenarkan pelabur yang berpangkalan di London untuk membeli sehingga 80 bilion yuan ($13.1 billion) daripada saham, bon dan instrumen pasaran wang secara langsung , mengelakkan Hong Kong transaksi, laporan Reuters.

Sementara itu, Britain akan membenarkan bank-bank China membuka cawangan borong di London, memudahkan peraturan-peraturan negara telah dikenakan selepas krisis kewangan tercetus. Sejak tahun 2008, Britain telah menegaskan bahawa pemberi pinjaman yang paling asing harus menubuhkan operasi UK mereka sebagai “anak-anak” dan bukannya cawangan, yang menyediakan perlindungan yang lebih besar bagi pendeposit dan pembayar cukai. Peraturan yang kurang akan disambut oleh peminjam Cina yang sentiasa mengadu kaedah yang dibuat sukar untuk beroperasi di Britain, mendorong mereka untuk bergerak banyak perniagaan mereka ke Luxembourg.

Selain itu, London dan Beijing akan perdagangan yuan berbanding dolar secara langsung, mengelakkan dolar.

“Mata wang China, renminbi, tidak terlalu terkenal di Britain pada masa ini. Tetapi sepanjang hayat saya, saya fikir ia akan menjadi hampir biasa seperti dolar, dan saya mahu perniagaan British yang terlibat dalam perdagangan itu, melabur di dalamnya,” Osborne memberitahu BBC televisyen di China.

Pada masa akaun London untuk 62 peratus daripada dagangan yuan di luar China dan Hong Kong, menurut data daripada pembekal perkhidmatan kewangan SWIFT. Langkah terbaru ini akan memberi kesan renminbi yang lebih kukuh di Eropah dan menguatkan platform London untuk membangunkan RM (renminbi) pasaran bon luar pesisir.

Menurut ramalan HSBC, dalam tempoh 5 tahun 1/3 daripada jumlah perdagangan China akan berada di yuan, yang akan membuat ia ditukar sepenuhnya dan meningkatkan ke dalam top 3 mata wang pertukaran. Menurut data yang dikumpul oleh Bloomberg, yuan telah mengukuh 36% peratus berbanding dolar dan 47% peratus berbanding pound sejak 2005.

London to become Chinese offshore banking centre

Britain has relaxed stringent rules for Chinese banks willing to set up in London. Beijing in turn opened up its markets to British-based investors, marking the latest move to establish the yuan as one of the world’s key currencies.

“A great nation like China should have a global currency,” said UK Chancellor of the Exchequer, George Osborne, during his official five day visit to China. And the UK is gladly willing to contribute “through the international center of finance: London”.

Under the agreed pilot program, China sanctioned London-based investors to buy up to 80 billion yuan ($13.1 billion) of stocks, bonds and money market instruments directly, avoiding Hong Kong transactions, Reuters reports.

Meanwhile, Britain will let Chinese banks set up wholesale branches in London, easing regulations the country had imposed after the financial crisis broke out. Since 2008, Britain has insisted that most foreign lenders should set up their UK operations as "subsidiaries" rather than branches, which provides greater protection for depositors and taxpayers. Less regulation will be welcomed by Chinese lenders who have always complained the rules made it hard to operate in Britain, prompting them to move much of their business to Luxembourg.

On top of that, London and Beijing will trade the yuan against the dollar directly, avoiding the dollar.

"The Chinese currency, the renminbi, is not terribly well known in Britain at the moment. But over my lifetime I think it's going to become almost as familiar as the dollar, and I want British businesses involved in trading it, investing in it," Osborne told BBC television in China.

Currently London accounts for 62 percent of yuan trades outside China and Hong Kong, according to data from financial services provider SWIFT. The latest move will give the renminbi a firmer footprint in Europe and strengthen London's platform to develop the offshore RM (renminbi) bond market.

According to an HSBC forecast, within 5 years a third of China’s total trade will be in yuan, which will make it fully convertible and elevate it into the top 3 exchange currencies. According to data compiled by Bloomberg, the yuan has already strengthened 36 percent against the dollar and 47 percent versus the pound since 2005.


Related Posts Plugin for WordPress, Blogger...