The London Metal Exchange is looking at offering traders the chance to settle its contracts in renminbi, a move that could lead to its dropping sterling after 135 years.
The move, at an early stage of discussion, would highlight the shift in power in metals markets.
When the LME was established in 1877, Britain was a manufacturing powerhouse and the LME’s benchmark contracts for delivery in three months were designed to mirror the time needed for shipments of copper from Chile and tin from Malaya to reach British ports.
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