Diversified Development Of Offshore Centers, Great Potential For Anglo German Competition

< p > for financial institutions and enterprises, accurately predicting the future development of major financial centers in Europe will be the key to investment returns.

Interestingly, experts agree on this crucial issue. Given that the RMB has not yet been important enough to change the international financial center, the offshore RMB center will continue the basic pattern of the European financial center in the next 3-5 years.

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< p > Shen Jianguang also likes London and Frankfurt.

At present, the most advantageous European city is a, href=, //www.sjfzxm.com/news/index_c.asp and /a. As the most important international financial center in the world, London has been a leader in the competition of offshore RMB centers.

In addition, Frankfurt also has certain advantages. On the one hand, Sino German trade accounts for nearly 1/3 of total trade between China and Europe, and the demand for RMB settlement is strongest.

On the other hand, Frankfurt is the financial center of the euro area. The Bundesbank and the European Central Bank are both located here and have geographical advantages.

Comparatively speaking, France and Switzerland will have a weaker foundation for the establishment of offshore centers, but the Central Bank of China can open up more strategies to enable them to join in competition and promote the development of offshore RMB markets.

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< p > Europe < a href= "//www.sjfzxm.com/news/index_c.asp" > RMB < /a > offshore center will form multiple patterns with other regions.

"Global offshore centers have different trajectories at different times. Next, Singapore is faster.

In the future, we will focus on the development of Hongkong, China.

Europe is China's largest trading partner and has natural advantages. London and Frankfurt will develop more rapidly. "

Bian Weihong told reporters.

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< p > "because the financial center has obvious inertia, once a certain center is formed, the relationship between the RMB and other currencies, various financial products and user habits is not easy to change again, so the major financial centers only hope to accelerate the development of RMB business."

Yang Changyong told reporters.

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< p > China and its trading partners still face many problems and need to be overcome.

"In China, the cost of hedging foreign exchange risk is significantly higher than that of many offshore financial centers," says Catherine Walsh, a researcher at the center for international finance and regulation.

Therefore, although both sides of the trade can benefit from the RMB trade valuation, the premise is that we must deal with these problems before we can fully get the benefits of RMB trade valuation.

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< p > German central bank officials said that the location of the "a href=" //www.sjfzxm.com/news/index_c.asp "Europe" /a "central bank and the Bundesbank" is one of the most important financial centers in Europe and the largest financial center in the euro area. "A"

Germany is China's largest trading partner in Europe and one of the most direct investment countries in China. RMB settlement will enhance the close economic and financial relations between Germany and China.

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At present, Bank of China, industrial and Commercial Bank of China (3.46, -0.04, -1.14%), Agricultural Bank (2.43, -0.04, -1.62%) and Bank of Communications (3.79, -0.08, -2.07%) have branches in Frankfurt.

The European Central Bank and the people's Bank of China have signed a swap agreement between the euro and the renminbi. The establishment of the clearing bank after the memorandum of understanding will connect the RMB to the euro payment system.

Frankfurt, which is not in the euro zone, has a clear advantage over the euro.

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George Osborne, the British Chancellor of the exchequer, said that linking Britain with the fastest growing countries in the world is the core of the UK economic plan, and London has an undeniable advantage in that respect.

Over the past 3 years, the British government has been trying to ensure that it is in the leading position of the renminbi in western countries.

He noted that the signing of the RMB clearing and settlement agreement shows that the United Kingdom has made an important step towards becoming the largest offshore trading center in Asia outside Asia.

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