Posted On: January 16, 2012
Fresh Business Thinking: On January 16th, the UK's treasury announced its intention to transform its capital city into a trading hub for the Chinese yuan.
David Sear, Chief Operating Officer at Western Union Business Solutions, gives his opinion on the announcement for Fresh Business Thinking.
Fresh Business Thinking:
The UK’s treasury this morning (Monday) announced its intention to turn London into a global hub for the trade of China’s ‘people’s currency’, the renminbi.
Doing so, argues David Sear, Global Managing Director at Travelex Global Business Payments and Chief Operating Officer of Western Union Business Solutions, would mark a landmark in the liberalisation of the currency, marking a significant shift away from the dollar and therefore revolutionising the future of global trade.
“The UK Treasury’s announcement to make London the leading international hub for trading China’s currency is a ground-breaking decision in the history of renminbi internationalisation.
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Category: Media Coverage
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